Fearful of bank failure, norman split his life savings of $60,000 among 3 banks. He recieved 5%,6% and 7%.?


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In the account earning 7% intrest, he deposited twice as much as in the account earning 5% intrest. If his total earnings were $3,760 then how much did he deposit in each account?


Answer (1):

psychologist_4u

Impossible to answer due to lack of detail, e.g. you don't say if the earnings accrued over one month, six months, one year, etc., etc. You also don't specify if interest was calculated per annum, quarterly, compounded daily, etc., etc.


Relevant answer in Norman, IN