document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1052005>Question 1052005</A>: <I><SPAN STYLE=\"word-break: break-all;\"> A local credit union offers a certificate of deposit (CD) that returns 2% interest on a money market fund that returns 3% interest. Over the next year, a credit union customer wants to earn $263.50 in interest on an investment of $10,000 between a CD and a money market fund.<BR>\n" );
document.write( "How much money will the customer need to invest in the CD? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #667451 by </B><A HREF=/tutors/aboutme.mpl?userid=addingup><B>addingup(3677)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=addingup><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=addingup><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=667451\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> He invests x portion of 10,000 at 2% per year (CD)<BR>\n" );
document.write( "He invests 10,000-x at 3% per year (money market)<BR>\n" );
document.write( "He wants to earn 263.50 in one year<BR>\n" );
document.write( "Let's put it all together:<BR>\n" );
document.write( "0.02x+0.03(10,000-x) = 263.50<BR>\n" );
document.write( "0.02x+300-0.03x = 263.50<BR>\n" );
document.write( "-0.01x = -36.50 Divide both sides by -0.01 and remember -/- = +<BR>\n" );
document.write( "x = 3650 is what he needs to invest at 2%<BR>\n" );
document.write( "and 10,000-3,650 = 6,350 at 3<BR>\n" );
document.write( "--------------------------------<BR>\n" );
document.write( "Check:<BR>\n" );
document.write( "3,650*0.02 = 73<BR>\n" );
document.write( "6,350*0.03 = 190.50<BR>\n" );
document.write( "Total . . . .263.50 Correct </SPAN>\n" );
document.write( "</TD></TR></TABLE>\n" );