Question 428429: Carl invested $10,000, part in a CD paying 8.5% annual interest, the rest in a mutual fund paying 7% annual interest. The annual income from the CD is $200 more than the annual income from the mutual fund. How much money was put into each type of investment?
Answer by mananth(16946)   (Show Source):
You can put this solution on YOUR website! Part I 8.50% per annum
Part II 7.00% per annum
x+y=10000 ------------------------1
8.50%x-7.00%y=$200.00
Multiply by 100
8.5x-7y =$20,000.00--------2
Multiply (1) by -8.5
we get
-8.5x-8.5y=-85000.00
Add this to (2)
x-15.5y =-$65,000.00
divide by -15.5
y=$4,193.55 investment at7.00%
Balance $5,806.45 investment at 8.50%
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