Question: 
My response:

Am I solving the above question correctly? Or am I on the wrong path? Thank you for your help.
Question: 
My response:

Am I solving the above question correctly? Or am I on the wrong path? Thank you for your help.
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Your method works fine.
Here's another suggestion, which you may or may not find easier. We are looking for numbers $\lambda_1$, $\lambda_2$, such that
$$\lambda_1\begin{bmatrix}1 \\ 3 \\ -1 \end{bmatrix}+\lambda_2\begin{bmatrix}-5 \\ -8 \\ 2 \end{bmatrix} = \begin{bmatrix}3 \\ -5 \\ k \end{bmatrix}.$$
The first two rows of this vector equation gives two linear equations in two unknowns $\lambda_1$ and $\lambda_2$.
Thus you can solve the two equations:
$$\lambda_1 - 5\lambda_2 = 3,$$ $$3\lambda_1 - 8\lambda_2 = -5.$$
With standard methods, you get $\lambda_1 = -7$ and $\lambda_2 = -2$. From the third row of the vector equation above, you can plug in these values for $\lambda_1$ and $\lambda_2$ to obtain $k$:
$$k = \lambda_1\cdot (-1) + \lambda_2\cdot 2 = -7\cdot(-1) + (-2)\cdot 2 = 7 - 4 = 3.$$