SOLUTION: a mother wants to invest $5000 for their children's education. She invests a portion of the money in a bank certificate of deposit (CD account) which earns 4% and the remainder in
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Question 458918: a mother wants to invest $5000 for their children's 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 $300, how much money was invested at each rate?
Answer by richwmiller(17219) (Show Source): You can put this solution on YOUR website!
a+b=5000
.04a+.07b=300
a=1666.67, b=3333.33
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