Damien wants to deposit $1200 into savings accounts at three different banks: Bank of Chance, Merchant Bank, and Utopian Financing. He will deposit three 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 Damien deposit into the Utopian Financing savings account?

Question

anonymous · Answer

$240
$250
$200
$750
Help please!

anonymous · Answer

M, C, and U are your amounts, and their sum is1200
3C=M
.2(M+C)=U=4C/5
C+3C+4C/5=1200
Solve for C and substitute back into formula for M
4C+4C/5=1200
20C/5+4C/5=1200
24C=5*1200
C=250
U=4C/5=1000/5=200