Set up the system of equations and then solve it by using an inverse matrix. A t

Question

Set up the system of equations and then solve it by using an inverse matrix. A trust account manager has $1,000,000 to be Invested in three different accounts. The accounts pay 6%, 8%, and 10%, and the goal is to earn $84,000 with the amount Invested at 10% equal to the sum of the other two Investments. To accomplish this, assume that x dollars are invested at 8%, y dollars at 10%, and z dollars at 0%. Find how much should be invested in each account to satisfy the conditions. 6% rate $ 8% rate $ 10% rate $

Explanation / Answer

Amount invested at 6% , 8% and 10% are x, y and z

So, x+y +z = 1000,000 -----(1)

0.06x + 0.08y + 0.1z = 84,000 -----(2)

z = x+y ; x+y -z = 0 -----(3)

Solve the system of equation :

we get : x= $ 300,000 ; y = $ 200,000 ; z = 500,000

Related Questions

Navigate

• Browse (All)
• Browse S
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.