in the year 2013  mohan saves 5000 Rs. he divided money in three parts. one part he invested in bank of india at the rate of 6%, second part he invested in state bank of india at the rate of 7%,  and third part he invested at the rate of 8% in corporate bank. he got 358 Rs as bank interest after one year. if combined income from first two investments is 70 Rs. more than the income from third. find the amount of each investment by matrix method. discuss the importance of financial planning. why should we invest our savings in ban?

Dear Student,

Let x, y, z are three investments an amount 5000 Rs at the rate interest of 6%, 7% and 8% per annum. x=6×5000100=300
similarly y=7×5000100=350and z=8×5000100=400
Then 6x+7y+8z = 100
The total annual income is Rs. 358.
  x+y+z = 358
The combined income from the first two investments is Rs. 70 more than the income from third then
x+y = z+70  x+y-z =70
This can be written as AX = B


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