SOLUTION: You recently won the lottery and received a check for $20,000. You decide to place part of your money in a savings account paying 8% per year and part in a certificate of deposit

SOLUTION: You recently won the lottery and received a check for $20,000. You decide to place part of your money in a savings account paying 8% per year and part in a certificate of deposit

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Question 559308: You recently won the lottery and received a check for $20,000. You decide to place part of your money in a savings account paying 8% per year and part in a certificate of deposit paying 7% per year. If you wish to obtain an overall return of $1500 per year, how much would you place in each investment?
Answer by richwmiller(17219) (Show Source): You can put this solution on YOUR website!
x+y=20000
.08x+.07y=1500
x=10000 y=10000
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