Question

Damien wants to deposit $1200 into savings accounts at three different banks: Bank of Chance, Merchant Bank, and Utopian Financing. He will deposit three 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 Damien deposit into the Utopian Financing savings account? $240 $250 $200 $750 Please help. If you explain how you got the answer i will give you a medal

Answer 1

Answer:

Damien will deposit $200 into the Utopian Financing savings account.

Step-by-step explanation:

3X (Merchant Bank) + 1X (Bank of Chance) + 02 x 4X (Utopian Financing) = $1,200

3X + 1X + (0.2 x 4X) = 1,200

3X + 1X + 0.8X = 1,200

4.8X = 1,200

X = 1200 / 4.8

X = 250

So, as the deposit in Bank of Chance will be of $250, and the deposit in Merchant Bank will be of $750 (three times the amount deposited at the Bank of Chance), both combined will be worth $1,000. As the deposit in Utopian Financing will be just the 20% of the other two deposits, it will be worth $200.

Damien will deposit $200 into the Utopian Financing savings account.

Answer 2

If the amount Damien deposits into the Bank of Chance is x, then the amount he deposits into the Merchant Bank is 3*x (as he deposits 3 times as much there). Since 3*x+x=4x, and we know that Utopian Financing's deposit is 20% (or 0.2 by moving the decimal in 20.00 2 places over to the left), 4x*0.2=0.8x=amount he invests in Utopian Financing. Adding them all up, we get x+3x+0.8x=1200=4.8x. Dividing both sides by 4.8, we get 1200/4.8=x=
250 dollars invested in the Bank of Chance. To find 0.8 of 250, we multiply the two to get 0.8*250=200=amount invested into Utopian Financing