A $124,000 trust is to be invested in bonds paying 9%, CDs paying 8%, and mortgages paying 10%. The sum of the amount invested in bonds and the amount invested in CDs must equal the mortgage investment. To earn an $11,400 annual income from the investments, how much should the bank invest in each? Let x represent the amount invested in bonds, y the amount invested in CDs, and z the amount invested in mortgages. Use any Matrix method to solve

College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter6: Matrices And Determinants
Section: Chapter Questions
Problem 4CC
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A $124,000 trust is to be invested in bonds paying 9%, CDs paying 8%, and mortgages paying 10%. The sum of the amount invested in bonds and the amount invested in CDs must equal the mortgage investment. To earn an $11,400 annual income from the investments, how much should the bank invest in each? Let x represent the amount invested in bonds, y the amount invested in CDs, and z the amount invested in mortgages. Use any Matrix method to solve

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