Question

Sarah wants to deposit $2125 into savings at three different banks: Bank of the US, 7/4 Bank, and Catch Bank. She will deposit 4 times as much into catch bank as 7/4 Bank because they offer a higher interest rate. She also expects the Bank of the US deposit to be .25% of the total of the other two deposits. How much will Sheila deposit into the Bank of the US savings account?

Answer 1

Answer:

Money deposited in US savings account = 425$

Explanation:

 Let deposit made in US, 7/4 Bank, and Catch Bank be a,b and c respectively.

 We have total deposit =  $2125

        a + b + c = 2125   -------------------------Equation 1

 She will deposit 4 times as much into catch bank as 7/4 Bank because they offer a higher interest rate

        c = 4 b   -------------------------Equation 2

She also expects the Bank of the US deposit to be 25% of the total of the other two deposits

       a = 0.25 ( b + c )

       4 a = b + c   -------------------------Equation 3

Equation 1 + Equation 3,

   a + b + c + 4 a = 2125 + b + c

                      5 a = 2125

                          a = 425$

 So money deposited in US savings account = 425$