Concept explainers
Client Investments. Kaufman Financial Corporation makes investments for corporate clients. One year, a client receives $1120 in simple interest from three investments that total $25,000. Part is invested at 3%, part at 4%, and part at 5%. There is $11,000 more invested at 5% than at 4%. How much was invested at each rate?
Let
First Investment |
Second Investment |
Third Investment |
Total |
|
Principal, P |
x |
y |
z |
$ |
Rate of interest, r |
3% |
4% |
% |
|
Time, t |
1 year |
1 year |
1 year |
|
Interest, I |
0.03x |
0.04y |
0.05 z |
$ |
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