An investor has a total of $24,000 deposited in three different accounts, which earn annual interest rates of 9%, 7%, and 5%. The amount deposited in the 9% account is twice the amount in the 7% account. If the three accounts earn a total annual interest of $1700, how much money is deposited in each account?
A) $10,200 at 9%; $5100 at 7%; $9000 at 5%
B) $10,000 at 9%; $5000 at 7%; $8900 at 5%
C) $10,000 at 9%; $5000 at 7%; $9000 at 5%
D) $10,200 at 9%; $5100 at 7%; $8900 at 5%
E) None of the above

Question

Quizplus · Accepted Answer

Let x be the amount in the 7% account. Then, 2x is in the 9% account, and the rest, $24,000 - 3x, is in the 5% account. The equation for interest is: 0.09(2x) + 0.07(x) + 0.05(24000 - 3x) = 1700. Solving gives x = $5000, 2x = $10,000, and $9000 in the 5% account.

An Investor Has a Total of $24,000 Deposited in Three