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Model an inheritance using principal and simple interest

[Banking] Stephen inherited $50,000 and put part in an investment-savings account, part in bonds and the rest in an investment fund. After one year he received a total of $3,240 in simple interest. The account paid 6% annually, bonds 7% and the fund 8%. There was $12,000 more invested in bonds than in the fund. Find the amount invested in each category.

CJC · Lecture · Example 4 [Banking; second printed Example 4]

Use one equation for the total, one for the weighted interest and one for the stated difference.

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