Question

Jon invested a total of $40,000 in 3 different bank accounts. One pays an annual interest rate of 3%, the second account pays 5% annual interest and the third account pays 6% annual interest. In one year, Jon earned a total of $1960 in interest from these 3 accounts. If Jon invested $8000 more in the account that pays 5% interest than the account that pays 6% interest. Find the amount that she invested in each amount.

(I have been having trouble solving this problem, can someone help me solve this step by step. THANK YOU.)

Answer 1

let x be 3%, y be 5%, and z be 6%

x + y + z = 40000

3 x + 5 y + 6 z = 196000

y = z + 8000

use the 1st two equations to eliminate x

then substitute for y to find z

substitute back to find x and y