SOLUTION: a woman has $27,000. Part is invested for one year in a certificate of deposit paying 7% interest, and the remaining amount in a cash management fund paying 9%. After 1 year, the t
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Question 1080636: a woman has $27,000. Part is invested for one year in a certificate of deposit paying 7% interest, and the remaining amount in a cash management fund paying 9%. After 1 year, the total interest on the two investments is $2,110. How much is invested at each rate. Answer by jorel1380(3719) (Show Source):
You can put this solution on YOUR website! Let n and 27000-n be the amounts invested at 9% and 7%, respectively. Then:
.09n+.07(27000-n)=2110
.02n=220
n=$11000 invested at 9%; $16000 invested at 7%. ☺☺☺☺
