Carlos wants to deposit $900 into savings accounts at three different banks: Bank of Chance, Merchant Bank, and Utopian Financing. He will deposit two 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 20% of the total of the other two deposits. How much will Carlos deposit into the Utopian Financing savings account?

$150

$180

$250

$500

Question

Carlos wants to deposit $900 into savings accounts at three different banks: Bank of Chance, Merchant Bank, and Utopian Financing. He will deposit two 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 20% of the total of the other two deposits. How much will Carlos deposit into the Utopian Financing savings account? 

 $150 

 $180 

 $250 

 $500

arnavguddu · Answer

let the deposit in Bank of Chance be X
then deposit in Mar. Bank = 2X
Total deposit till now = X+2X = 3X

Thus, deposit in Uthopian Bank = 20 % of total = (20/100) 3X = 0.2 * 3X = 0.6X
Total deposit = 3X + 0.6X = 3.6X = 900
So X = 900/3.6
Now deposit in Uthopian Bank = 0.6X = 0.6 * 900 / 3.6 = 6 * 900 / 36 = 900/6 = 150$