document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=771999>Question 771999</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Hello. My name is Joanne. Can you please help me solve this problem? \r<BR>\n" );
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document.write( "A mother wants to invest $14000 for her son's future education. She invests a portion of the money in a bank certificate of deposit (CD) which earns 4% and the remainder in a savings bond that earns 7%. If the total interest earned after one year is $840, how much moves was invested in the CD?\r<BR>\n" );
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document.write( "The answer is $4666.67.\r<BR>\n" );
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document.write( "I tried using the formula, A=(1+r/n)^nt, but I am not sure if this is the correct formula to use. Also, I am not sure how to plug in the variables in the formula. </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #470654 by </B><A HREF=/tutors/aboutme.mpl?userid=MathTherapy><B>MathTherapy(10552)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=MathTherapy><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=MathTherapy><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=470654\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Hello. My name is Joanne. Can you please help me solve this problem? \r<BR>\n" );
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document.write( "A mother wants to invest $14000 for her son's future education. She invests a portion of the money in a bank certificate of deposit (CD) which earns 4% and the remainder in a savings bond that earns 7%. If the total interest earned after one year is $840, how much moves was invested in the CD?\r<BR>\n" );
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document.write( "The answer is $4666.67.\r<BR>\n" );
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document.write( "I tried using the formula, A=(1+r/n)^nt, but I am not sure if this is the correct formula to use. Also, I am not sure how to plug in the variables in the formula.\r<BR>\n" );
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document.write( "You don’t need the future value formula <IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=A+=+%281+%2B+r%2Fn%29%5E%28nt%29 ALIGN=MIDDLE  ALT=\"A+=+%281+%2B+r%2Fn%29%5E%28nt%29\"   DISABLED_style= \"max-width:90%; height:auto;\" >for this problem, as you’re not calculating TVM (time value of money), or the value of the $14,000 over a certain time period. You’re just trying to determine how much of the $14,000 was invested in  the CD.\r<BR>\n" );
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document.write( "As a result, you just simply do the following:\r<BR>\n" );
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document.write( "Let amount invested in CD be C<BR>\n" );
document.write( "Then amount invested in savings bond = 14,000 – C\r<BR>\n" );
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document.write( "Amount of interest earned on the CD, at a 4% interest rate = .04(C), or .04C<BR>\n" );
document.write( "Amount of interest earned on the savings bond, at a 7% interest rate = .07(14,000 – C)\r<BR>\n" );
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document.write( "Amount of interest earned on CD, plus amount of interest earned on savings bond, equals total interest earned, OR<BR>\n" );
document.write( ".04C + .07(14,000 – C) = 840<BR>\n" );
document.write( ".04C + 980 - .07C = 840<BR>\n" );
document.write( ".04C - .07C = 840 – 980 <BR>\n" );
document.write( "- .03C = - 140\r<BR>\n" );
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document.write( "C, or amount invested in CD = <IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=%28-+140%29%2F-+.03 ALIGN=MIDDLE  ALT=\"%28-+140%29%2F-+.03\"   DISABLED_style= \"max-width:90%; height:auto;\" >, or $<IMG STYLE=\"max-width:80%;\" SRC=/cgi-bin/plot-formula.mpl?expression=highlight_green%284667.67%29 ALIGN=MIDDLE  ALT=\"highlight_green%284667.67%29\"   DISABLED_style= \"max-width:90%; height:auto;\" >\r<BR>\n" );
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document.write( "You can do the check!! \r<BR>\n" );
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document.write( "Further help is available, online or in-person, for a fee, obviously. Send comments, “thank-yous,” and inquiries to “D” at MathMadEzy@aol.com </SPAN>\n" );
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