SOLUTION: A mother wants to invest $9000 for her 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 sa
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Question 561492: A mother wants to invest $9000 for her 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 after one year is $540, how much money was in each rate?
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!
Let = amount invested in CD
= interest from CD
= interest from savings bond
given:
$3,000 was invested in the CD
$6,000 was invested in savings bond
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