A community for students.
Here's the question you clicked on:
 0 viewing
anonymous
 4 years ago
Carlos wants to deposit $900 into savings accounts at three different banks: Bank of Chance, Merchant Bank, and Utopian Financing. He will deposit two times as much into Merchant Bank as Bank of Chance because they offer a higher interest rate. He also expects the Utopian Financing deposit to be only 20% of the total of the other two deposits. How much will Carlos deposit into the Utopian Financing savings account?
$150
$180
$250
$500
anonymous
 4 years ago
Carlos wants to deposit $900 into savings accounts at three different banks: Bank of Chance, Merchant Bank, and Utopian Financing. He will deposit two times as much into Merchant Bank as Bank of Chance because they offer a higher interest rate. He also expects the Utopian Financing deposit to be only 20% of the total of the other two deposits. How much will Carlos deposit into the Utopian Financing savings account? $150 $180 $250 $500

This Question is Closed

arnavguddu
 4 years ago
Best ResponseYou've already chosen the best response.0let the deposit in Bank of Chance be X then deposit in Mar. Bank = 2X Total deposit till now = X+2X = 3X Thus, deposit in Uthopian Bank = 20 % of total = (20/100) 3X = 0.2 * 3X = 0.6X Total deposit = 3X + 0.6X = 3.6X = 900 So X = 900/3.6 Now deposit in Uthopian Bank = 0.6X = 0.6 * 900 / 3.6 = 6 * 900 / 36 = 900/6 = 150$
Ask your own question
Sign UpFind more explanations on OpenStudy
Your question is ready. Sign up for free to start getting answers.
spraguer
(Moderator)
5
→ View Detailed Profile
is replying to Can someone tell me what button the professor is hitting...
23
 Teamwork 19 Teammate
 Problem Solving 19 Hero
 Engagement 19 Mad Hatter
 You have blocked this person.
 ✔ You're a fan Checking fan status...
Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.