Interest problem

[Iceflame9]

Hey everyone,

I have to answer a story problem in my class and I just have no clue. I'm usually pretty good but I have no idea where to even start this problem, here it is:

Gloria is in luck! She received a letter explaining that she is to inherit a large amount of money. The money is currently in three different accounts in three different banks. She was told that there is approximately $30,000 total. Union Bank offers 3.2% interest on all savings accounts, MidAm Bank offers 4.1%, and BHM Bank offers 2.9% interest. Over the last year, the letter explained the accounts earned a total of $1,086 in interest over the last year. The MidAm account, being the oldest, holds $11,000 more than the BHM account.

The letter stated how much money was in each bank. Please find those amounts for Gloria.

Any help is appreciated, thanks

 

[tkhunny]

#1 - Name Stuff
#2 - Name What?
#3 - What does it want? Name that.

U = Amount in Union Bank
M = Amount in MidAm Bank
B = Amount in BHM Bank

Once you have clear, concise, and WRITTEN definitions, you can start using your clues.

"Over the last year, the letter explained the accounts earned a total of $1,086."

U*0.032 + M*0.041 + B*0.029 = 1086

"The MidAm account, being the oldest, holds $11,000 more than the BHM account."

M = B + 11000

We have one weird clue.

U + M + B = 30000 + E -- Where "E" is some, hopefully small number. Perhaps the rest of the process will reveal what it is.

What's next?

 

[Iceflame9]

Thanks so much for your reply! I didn't do it yet, but I see what I have to do now, just gotta solve it like a system of equations now. I appreciate your help.

 

[tkhunny]

It is those definitions that enable you to find equations from the clues given in the problem statement. It switches you from "no way to proceed" to "some way to proceed". BURN IT INTO YOUR MIND!