The annual interest on Sid Carrington's three investments amounted to $35,100: 6% on a savings account, 9% on mutual funds, and 12% on bonds. If the amount of Sid's investment in bonds was triple the amount of his investment in the savings account, and the interest earned from his investment in bonds was equal to the dividends he received from his investment in mutual funds, find how much money he placed in each type of investment.
A) $180,000 in a savings account, $45,000 in mutual funds, $135,000 in bonds
B) $135,000 in a savings account, $180,000 in mutual funds, $45,000 in bonds
C) $180,000 in a savings account, $135,000 in mutual funds, $45,000 in bonds
D) $45,000 in a savings account, $180,000 in mutual funds, $135,000 in bonds
E) $45,000 in a savings account, $135,000 in mutual funds, $180,000 in bonds

Question

The annual interest on Sid Carrington's three investments amounted to $35,100: 6% on a savings account, 9% on mutual funds, and 12% on bonds. If the amount of Sid's investment in bonds was triple the amount of his investment in the savings account, and the interest earned from his investment in bonds was equal to the dividends he received from his investment in mutual funds, find how much money he placed in each type of investment. ​
A) $180,000 in a savings account, $45,000 in mutual funds, $135,000 in bonds
B) $135,000 in a savings account, $180,000 in mutual funds, $45,000 in bonds
C) $180,000 in a savings account, $135,000 in mutual funds, $45,000 in bonds
D) $45,000 in a savings account, $180,000 in mutual funds, $135,000 in bonds
E) $45,000 in a savings account, $135,000 in mutual funds, $180,000 in bonds

Quizplus · Accepted Answer

The interest from bonds (12%) equals the dividends from mutual funds (9%), and the bond investment is triple the savings account. Solving these equations gives $45,000 in savings, $180,000 in mutual funds, and $135,000 in bonds.

The Annual Interest on Sid Carrington's Three Investments Amounted to $35,100