A student has money in three accounts that pay 5%, 7%, and 8%, in annual simple (i. e. compounded once per year) interest. She has three times as much invested at 8% as she does at 5%. If the total amount she has invested is $1600 and her interest for the year comes to $115, how much money does she have in each account

Amount invested in account with 5% annual interest = $300

Amount invested in account with 7% annual interest = $400

Amount invested in account with 8% annual interest = $900

Step-by-step explanation:

Let the money invested in account with 5% annual interest =

As per question statement,

Money invested in account with 8% annual interest =

Given that total amount invested in three accounts = $1600

So, Money invested in account with 7% annual interest = 1600- - = 1600-

For one year, the compound interest is same as that of Simple Interest.

Formula for simple interest is given as:

Where, P is the amount invested

R is the annual rate of interest

T is the time for which the amount is invested.

As per question statement:

Amount invested in account with 5% annual interest = $300

Amount invested in account with 7% annual interest = $1600-$1200 = $400

Amount invested in account with 8% annual interest = $900