I am going to leave some of the work to you, but I'm going to help you by translating the English into mathematical symbols, leaving you with a set of equations to solve. However, the most important part of you may be to understand how I did the translation, so please take time to review this.
M: inherited $ in money market account
B: inherited $ in municipal bonds
F: inherit $ in mutual funds
John inherited $25,000 and invested part of it in a money market account, part in municipal bonds, and part in a mutual fund: M + B + F = 25000
After one year, he received a total of $1,620 in simple interest from the 3 investments. The money market paid 6% annually, the bonds paid 7% annually, and the mutual funds paid 8% annually:
0.06M + 0.07B + 0.08F = 1620
[Remember 6% = 6/100 = 0.06 and remember that "of" can be translated as multiplication in some cases, so 6% of x is 0.06x.]
There was $6,000 more invested in the bonds than the mutual funds: B = F + 6000
HINT 1: Substitute B with (F + 6000) in each of the first two equations I gave you. This will leave you two equations with two unknowns.
HINT 2: I would multiply the second equation I gave you by 100, meaning you multiply each term by 100), so that you don't have to deal with decimals.
Bonnie J.
Thank you so much for this! You explained it in a perfect way for me, and I understand it much better then I did before! Thank you!01/07/21