A banker invests $16,000 in three hedge funds. Each fund pays 5%, 6%, and 7% interest respectively on the original investment during the year. The 5% and 6% investments combined were $2000 less than the 7% investment. The woman earns $990 in interest from these three funds during the year. How much did the banker invest in each of the three funds (rounded to the nearest dollar)?
A banker invests $16,000 in three hedge funds. Each fund pays 5%, 6%, and 7% interest respectively on the original investment during the year. The 5% and 6% investments combined were $2000 less than the 7% investment. The woman earns $990 in interest from these three funds during the year. How much did the banker invest in each of the three funds (rounded to the nearest dollar)?
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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A banker invests $16,000 in three hedge funds. Each fund pays 5%, 6%, and 7% interest respectively on the original investment during the year. The 5% and 6% investments combined were $2000 less than the 7% investment. The woman earns $990 in interest from these three funds during the year. How much did the banker invest in each of the three funds (rounded to the nearest dollar)?
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