7.Sabrina wants to deposit $3,066 into savings accounts at three different banks: Bank of the US,
7/4 Bank, and Catch Bank. She will deposit six 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
20% of the total of the other two deposits. How much will Sheila deposit into the Bank of the
US savings account

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ewomazinoade ewomazinoade · Answer 1 · 2021-10-20T10:47:05+02:00

The amount Sheila deposits in the Bank of US saving account is $511.

Sabrina has a total of $3,066 she wants to deposit. She has three banks that she wants to deposit her money in.

Let, a represent the amount she would deposit she would invest 7/4 bank.

The amount invested in Catch bank = 6 x a = 6a

The amount invested in Bank of US = 20% x ( 6a + a)

= 0.2 x 7a

= 1.4a

The total amount invested in the three banks can be represented with this equation:

1.4a + a + 6a = 3066

In order to determine the amount she would save in the Bank of US, the amount deposited in 7/4 bank has to be determined first.

8.4a = 3066

a = $365

The amount deposited in the Bank of US = 1.4a

= 1.4 x 365

= $511

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