SOLUTION: A mother wants to invest $9,000.00 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
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Question 1067717: A mother wants to invest $9,000.00 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 ina. Savings bond that earns 7%. If the total interest earned after one year is $540.00 , how much money was invested in the CD account ?
Found 2 solutions by Boreal, josmiceli:
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
x@4%
9000-x@7%
.04x+(.07)(9000-x)=540
-0.03x=630=540
-0.03x=-90
3x=9000
x=$3000@4%=$120 ANSWER is $3000 in CD at 4%
9000-x=$6000@7%=$420
They sum to $540.
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!
Use the formula
where yr
---------------------
For interest on the CD:
(1)
------------------------------
For interest on the savings bond:
(2)
-------------------------------
(3)
(3)
-------------------------------
Plug (1) into (3)
(3)
Plug (3) into (2)
(2)
(2)
(2)
and
(1)
(1)
(1)
------------------------
$3,000 was invested in the CD account
------------------------------------
check:
and
and
OK
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