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Suppose ADB pays an interest of 2%, Barclays pays an interest of
4% and GCB pays an interest of 5% per annum and an amount of ¢350 more was invested in
Barclays than the amount invested in ADB and GCB combined. Also, the amount invested in
Barclays is 2 times the amount invested in GCB.

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opudodennis

Correction

https://brainly.in/question/16846717

Answer:

Amounts invested in each bank:

GCB=$1,713,33    

Barclays=$3,426.66

ADB=$1,363.33

Step-by-step explanation:

-Given that ADB pays 2% pa, GCB pays 4% and Barclays pays 5%

-From the information provided, the amount invested in each of the 3 banks can be expressed as:

-Let X be the Amount invested in GCB:

[tex]GCB=X\\\\Barclays=2X\\\\ADB=2X-X-350=X-350[/tex]

-Since the total interest earned on all 3 accounts after 1 year is $250, we can equate and solve for X as below:

[tex]I=Prt\\\\I_{GCB}=X\times 0.05\times1= 0.05X\\\\I_{Barclays}=2X\times 0.04\times 1=0.08X\\\\I_{ADB}=(X-350)\times 0.02\times 1=0.02X-7\\\\I=I_{GCB}+I_{ADB}+I_{Barclays}\\\\250=0.05X+0.08X+(0.02X-7)\\\\250=0.15X-7\\\\0.15X=257\\\\X=1713.33\\\\GCB=\$1713.33\\Barclays=2X=\$3426.66\\ADB=X-350=\$1363.33[/tex]

Hence, the amounts invested in each bank is GCB=$1,713,33    ,   Barclays=$3,426.66 and ADB=$1,363.33

jenretteshemera

Answer:

Amounts invested in each bank:

GCB=$1,713,33    

Barclays=$3,426.66

ADB=$1,363.33

Step-by-step explanation:

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