Suppose that Ashley is gifted $5000 in bonds from family members. The money is d
ID: 2888368 • Letter: S
Question
Suppose that Ashley is gifted $5000 in bonds from family members. The money is distributed among 3 different bond types for a period of 1 year: Bond A earns 1% simple interest, Bond B earns 1.5% simple interest, and Bond C earns 2% simple interest. The total interest earned is $90. And the total invested in Bond B is twice what was invested in Bond A. SEt up a system of linear equations which can be used to determine how much money was invested in each bond type.
Make sure you define what your variable srepresent. You do not need to solve your system of equations.
Explanation / Answer
let amount invested in Bond A is x , Bond B is y , Bond C is z
total invested amount =5000
=>x+y+z=5000
total interest =90
=>(1/100)x+(1.5/100)y+(2/100)z= 90
=>0.01x+0.015y+0.02z= 90
=>x+1.5y+2z= 9000
total invested in Bond B is twice what was invested in Bond A
=>y =2x
=>2x-y =0
system of equations representing given information directly are x+y+z=5000, 0.01x+0.015y+0.02z= 90 , y =2x
rearranged equations for solving using matrices are x+y+z=5000, x+1.5y+2z= 9000 , 2x-y =0
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