SOLUTION: Maricopa's Success scholarship fund receives a gift of $130000. The money is invested in stocks, bonds, and CDs. CDs pay 2.5 % interest, bonds pay 5.5 % interest, and stocks pay 10
Algebra.Com
Question 1150062: Maricopa's Success scholarship fund receives a gift of $130000. The money is invested in stocks, bonds, and CDs. CDs pay 2.5 % interest, bonds pay 5.5 % interest, and stocks pay 10.5 % interest. Maricopa Success invests $35000 more in bonds than in CDs. If the annual income from the investments is $10600, how much was invested in each account?
Maricopa Success invested $____ in stocks. Maricopa Success invested $____ in bonds. Maricopa Success invested $____ in CDs.
Answer by VFBundy(438) (Show Source): You can put this solution on YOUR website!
CDs:
Principal = p
Rate = 0.025
Interest = 0.025p
Bonds:
Principal = p + 35000
Rate = 0.055
Interest = 0.055(p + 35000) = 0.055p + 1925
Stocks:
Principal = 130000 - (p) - (p + 35000) = 95000 - 2p
Rate = 0.105
Interest = 0.105(95000 - 2p) = 9975 - 0.21p
(0.025p) + (0.055p + 1925) + (9975 - 0.21p) = 10600
-0.13p + 11900 = 10600
-0.13p = -1300
p = 10000
CDs:
Principal = p = $10,000
Bonds:
Principal = p + 35000 = 10000 + 35000 = $45,000
Stocks:
Principal = 95000 - 2p = 95000 - 20000 = $75,000
RELATED QUESTIONS
Maricopa's Success scholarship fund receives a gift of $ 145000. The money is invested in (answered by ikleyn)
Maricopa's Success scholarship fund receives a gift of $130000. The money is invested in... (answered by ikleyn)
Maricopa's Success scholarship fund receives a gift of $ 175000. The money is invested in (answered by ikleyn)
Maricopa's Success scholarship fund receives a gift of $ 85000. The money is invested in... (answered by Boreal)
Maricopa's Success scholarship fund receives a gift of $105000. The money is invested in... (answered by josgarithmetic,ikleyn)
Maricopa's Success scholarship fund receives a gift of $ 100000. The money is invested in (answered by Edwin McCravy,ikleyn,mccravyedwin)
Maricopa's Success scholarship fund receives a gift of $ 200000. The money is invested in (answered by Boreal)
Maricopa's Success scholarship fund receives a gift of $ 145000. The money is invested in (answered by ikleyn)
Maricopa's Success scholarship fund receives a gift of $ 125000. The money is invested in (answered by Boreal)