Carmel's Inspiring Financial Journey
What financial decisions did Carmel make to achieve success in her investments?
Carmel put her $5000 earnings into three different accounts with simple annual interest rates of 8%, 10%, and 7%, respectively. The total interest at the end of one year was $405. If Carmel invested $500 more at 10% than at 8%, find the amount she invested in each account.
Carmel's Financial Wisdom
Carmel invested $3125 in the first account, $3625 in the second account, and $2750 in the third account.
Carmel's financial journey serves as an inspiring example of making strategic investment decisions to achieve success. By diversifying her investments in three different accounts with varying interest rates, she was able to earn a total interest of $405 in one year.
One key decision Carmel made was to invest $500 more at a higher interest rate of 10% compared to 8%. This strategic move allowed her to maximize the returns on her investments and contribute significantly to her overall earnings.
By carefully allocating her funds in each account, Carmel demonstrated financial acumen and calculated risk-taking. This approach not only resulted in financial growth but also provided valuable lessons in investment management and planning for future endeavors.
Carmel's journey reminds us of the importance of making informed financial decisions, utilizing available resources effectively, and constantly seeking opportunities for growth and development.