Model the Problem Using a System of Linear Equations

question 14

Multiple Choice

Model the problem using a system of linear equations. Then solve using the augmented matrix. Suppose $24,000 is invested in three different accounts paying 3%, 4%, and 7%
Annual interest. The interest earned after 1 year is $1270, and the amount
Invested at 7% is equal to the sum of the amounts invested at 3% and 4%.
Find the amount invested at 3%.

• A) $5000
• B) $6000
• C) $7000
• D) $8000

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Definitions:

Sole Proprietorship

A business owned and operated by one person, where there is no legal distinction between the owner and the business entity.

High-Coupon Bonds

Bonds that offer interest rates significantly above the market average to attract investors despite potential risks.

Low-Coupon Bonds

Bonds that offer a lower interest rate compared to other bonds on the market.

Interest Rates

Interest Rates are the cost of borrowing money, expressed as a percentage of the amount borrowed, that is charged by lenders to borrowers for the use of their funds.