document.write( "Question 1136652: Mark wants to invest $10,000 to pay for his daughter's wedding next year. He will invest some of the money in a short term CD that pays 12% interest and the rest in a money market savings account that pays 5% interest. How much should he invest at each rate if he wants to earn $1,004 in interest in one year? \n" ); document.write( "

Algebra.Com's Answer #754457 by ikleyn(52781) $\"\"$ $\"About$

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document.write( "Let x be the amount invested at 12%.\r\n" );
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document.write( "Then the amount invested at 5% is the rest (10000-x) dollars.\r\n" );
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document.write( "Your equation is THIS\r\n" );
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document.write( "    interest + interest       = total interest,   or\r\n" );
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document.write( "    0.12x    + 0.05*(10000-x) = 1004    dollars.\r\n" );
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document.write( "From the equation,\r\n" );
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document.write( "    x =  = one click in my MS Excel = 7200 dollars.\r\n" );
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document.write( "Answer.  $7200 invested at 12% and the rest,  (10000-7200) = 2800 dollars invested at 5%.\r\n" );
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document.write( "CHECK.    0.12*7200 + 0.05*2800 = 1004  dollars.   ! Correct !\r\n" );
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\n" ); document.write( "\n" ); document.write( "It is a standard and typical problem on investments.\r
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\n" ); document.write( "\n" ); document.write( "If you need more details, or if you want to see other similar problems solved by different methods, look into the lesson \r
\n" ); document.write( "\n" ); document.write( " - Using systems of equations to solve problems on investment\r
\n" ); document.write( "\n" ); document.write( "in this site.\r
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\n" ); document.write( "\n" ); document.write( "You will find there different approaches (using one equation or a system of two equations in two unknowns), as well as
\n" ); document.write( "different methods of solution to the equations (Substitution, Elimination).\r
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\n" ); document.write( "\n" ); document.write( "Also, you have this free of charge online textbook in ALGEBRA-I in this site\r
\n" ); document.write( "\n" ); document.write( " - ALGEBRA-I - YOUR ONLINE TEXTBOOK.\r
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\n" ); document.write( "\n" ); document.write( "The referred lesson is the part of this online textbook under the topic \"Systems of two linear equations in two unknowns\".\r
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\n" ); document.write( "
\n" ); document.write( "\n" ); document.write( "Save the link to this online textbook together with its description\r
\n" ); document.write( "
\n" ); document.write( "\n" ); document.write( "Free of charge online textbook in ALGEBRA-I
\n" ); document.write( "https://www.algebra.com/algebra/homework/quadratic/lessons/ALGEBRA-I-YOUR-ONLINE-TEXTBOOK.lesson\r
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\n" ); document.write( "\n" ); document.write( "to your archive and use it when it is needed.\r
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