Formulate but do not solve the problem. The annual returns on Sid Carrington's three investments amounted to $28,000: 6% on a saving account, 10% on mutual funds and 16% on bonds. The amount of Sid's investment in bouds was twice the amount of his investment in the savings account and the interest earned from his investment in bounds was equal to the dividends he received from his investment in mutual funds. Find how much money he placed in each type of investment. Let x be the money invested in saving account, y be the money investedr in mutual funds and z be the money invested in bonds.

Question

Quizplus · Accepted Answer

We can set up the following system of equations:
x + y + z = total investment
0.06x + 0.1y + 0.16z = $28,000 (total returns)
z = 2x (amount of investment in bonds is twice the amount in savings account)
0.16z = 0.1y (interest earned from bonds equals dividends from mutual funds)
Solving this system of equations will give us the values of x, y, and z, which represent the amounts invested in savings account, mutual funds, and bonds, respectively. The correct answer is C.

Formulate but Do Not Solve the Problem