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:

Insurable Interest

A requirement that a person seeking to purchase insurance has a legitimate interest in safeguarding the item or life being insured from loss or damage.

Market Value

The amount for which something can be sold on a given market at a specific time.

Property

Legal rights to own, use, and dispose of land, buildings, goods, intellectual creations, and other items.

Punitive Damages

Financial payment provided to a harmed individual that exceeds the amount needed for loss recovery and aims to penalize the responsible party.