SOLUTION: The Pacific investment group invested some money in a certificate of deposit (cd) that earns 6.5% annual simple interest. Twice the amount at 6.5% was invested an a 2nd cd that ear

Question 173059: The Pacific investment group invested some money in a certificate of deposit (cd) that earns 6.5% annual simple interest. Twice the amount at 6.5% was invested an a 2nd cd that earns 8.5% annual simple interest. If a total annual interest earned from 2 investments $5875.00 How much was invested at 6.5%. How much was deposited in the certificate of deposit?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
The Pacific investment group invested some money in a certificate of deposit (cd) that earns 6.5% annual simple interest.
Twice the amount at 6.5% was invested an a 2nd cd that earns 8.5% annual simple interest.
If a total annual interest earned from 2 investments $5875.00 How much was invested at 6.5%. How much was deposited in the certificate of deposit?
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Let "x" be amount invested at 6.5%; Interest = 0.065x dollars
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Then "2x" is amt. invested at 8.5%: Interest = 0.085(2x)= 0.17x dollars
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EQUATION:
interest + interest = 5875 dollars
0.065x + 0.17x = 5875
0.235x = 5875
x = $25000 dollars (amt invested at 6.5%)
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2x = $50,000 (amt.invested at 8.5%)
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Cheers,
Stan H.

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