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?

$375

$1,000

$200

$300

Question

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? 

 $375 

 $1,000 

 $200 

 $300

tyteen4a03 · Answer

Let x be the deposit of Bank of Chance and y be the deposit of Merchant Bank.
We know that he will deposit five times as much into Merchant Bank as Bank of Chance, so we have x = 5y.
We also know that he expects the Utopian Financing deposit to be only 25% of the total of the other two deposits, so the equation would be 0.25(x + y) + x + y = 1500. Solve for x and y, then use the 0.25(x + y) to find the Utopian Financing amount.