SOLUTION: A mother wants to invest $10,000 for her son's future education. She invests a portion of the money in a bank certificate of deposit (CD account) which earns 4% and the remainder i
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Question 1083557: A mother wants to invest $10,000 for her son's future education. She invests a portion of the money in a bank certificate of deposit (CD account) which earns 4% and the remainder in a savings bond that earns 7%. If the total interest earned after one year is $600, how much money was invested in the CD account?
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
x at 4%
10000-x at 7%
.04x+.07(10000-x)=600
.04x+700-.07x=600
-0.03x=-100
divide both sides by -.03
x=$3333.33 ANSWER @4%=$133.33
10000-x=$6666.67@7%=$466.67
add to $600
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