Question

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?

$240

$250

$200

$750

Answer 1

if x is the amount to be deposited then

let M = merchant bank
B = bank of chance
U = utopian financing

M = 3B
U = 0.20(M + B)

and lastly

M + B + U + 1200

This is a system of 3 equations with 3 variables you can solve for

Answer 2

M + B + U = x = 1200

Answer 3

Here is a nice solution by @binarymimic