document.write( "Question 314340: If Joe invests $21,000 dollars in cd's and $10,500 in bonds. the cd's intrest rate is 1% larger than the band rate, and the cd generates $840 more than the bond what are the two intrst rates?????? \n" ); document.write( "

Algebra.Com's Answer #224913 by Fombitz(32388) $\"\"$ $\"About$

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$\"C=21000\"$
\n" ); document.write( " $\"B=10500\"$
\n" ); document.write( " $\"Rc=Rb%2B0.01\"$
\n" ); document.write( " $\"Ic=Ib%2B840\"$
\n" ); document.write( ".
\n" ); document.write( ".
\n" ); document.write( ".
\n" ); document.write( " $\"C%2ARc=Ic\"$
\n" ); document.write( " $\"21000%2ARc=Ic\"$
\n" ); document.write( ".
\n" ); document.write( ".
\n" ); document.write( " $\"10500%2ARb=Ib\"$
\n" ); document.write( "Substitute,
\n" ); document.write( " $\"Ic=Ib%2B840\"$
\n" ); document.write( " $\"21000%2A%28Rb%2B0.01%29=10500%2AIb%2B840\"$
\n" ); document.write( " $\"21000Rb%2B210=10500%2ARb%2B840\"$
\n" ); document.write( " $\"10500Rb=630\"$
\n" ); document.write( " $\"Rb=63%2F1050\"$
\n" ); document.write( " $\"Rb=0.06\"$
\n" ); document.write( " $\"Rc=Rb%2B0.01\"$
\n" ); document.write( " $\"Rc=0.07\"$
\n" ); document.write( "The CD rate is 7% and the bond rate is 6%. \n" ); document.write( "

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