SOLUTION: To help pay for his child's college education, a father invests $10,000 in two separate investments: part in a certificate of deposit paying 8.5% annual interest, the rest in a mut
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Question 993962: To help pay for his child's college education, a father invests $10,000 in two separate investments: part in a certificate of deposit paying 8.5% annual interest, the rest in a mutual fund paying 7%. The annual income on the certificate of deposit is $200 more than the annual income on the mutual fund. How much is invested in the mutual fund?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
To help pay for his child's college education, a father invests $10,000 in two separate investments: part in a certificate of deposit paying 8.5% annual interest, the rest in a mutual fund paying 7%. The annual income on the certificate of deposit is $200 more than the annual income on the mutual fund. How much is invested in the mutual fund?
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Equations:
Quantity:: c + f = 10000
interest:: 0.085c - 0.07f = 200
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Modify for elimination::
85c + 85f = 85*10000
85c + 70f = 200000
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Solve for "f"
15f = 650000
f = $4333.33 (amt. invested in the mutual fund)
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Cheers,
Stan H.
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