A total of $54,000 were deposited in three accounts

Question

A total of $54,000 were deposited in three accounts. The first account grew by 4.5%, the second by 7%, the third by 15%. Total earnings were $4,275.00. The earning from the third account were $75 more than the earnings from the first and second combined. How much was deposited in each account?

Answer 1

Let's assume the amounts deposited in the 1st and second accounts are X and Y. Then, the amount deposited in 3rd account would be apparently: 54,000-X-Y. Also, for simplicity, let's convert the % into decimals dividing by 100. Based on this assumption, we can write the following system of 2 linear equations:

 

0.045X + 0.07Y + 0.15(54000-X-Y)=4275

0.15(54000-X-Y) = 0.045X + 0.07Y + 75

 

In canonical form:

 

0.105X + 0.08Y = 3825

0.195X + 0.22Y = 8025

 

This system of linear equations can be solved using online solver: http://examn8.com/SystemOfEquations.aspx 

 

The results are: X = $26,600 (amount deposited in the 1st account), Y=$12,900 ((amount deposited in the 2nd account). Amount deposited in the 3rd account is: (54000-26600-12900)=$14,500

 

Hope this will help.