Julio wants to deposit $1500 into savings accounts at three different banks: Bank of Chance, Merchant Bank, and Utopian Financing. He will deposit five times as much into Merchant Bank as Bank of Chance because they offer a higher interest rate. He also expects the Utopian Financing deposit to be only 25% of the total of the other two deposits. How much will Julio deposit into the Utopian Financing savings account?
The trick in solving "word problems" is translating words into mathematical equations. If x=money deposited into Bank of Chance y=money deposited into Merchant Bank z=money deposited into Utopian Financing then how would you write "deposit $1500 into savings accounts at three different banks:" as a mathematical equation?
\[x+y+z=1500\]How about "deposit five times as much into Merchant Bank as Bank of Chance?
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