SOLUTION: Michael invested a total of $14,000 in two certificates of deposit. One pays 5% interest, and the other pays 6% interest. His total interest at the end of one year is $780. How muc
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Question 318823: Michael invested a total of $14,000 in two certificates of deposit. One pays 5% interest, and the other pays 6% interest. His total interest at the end of one year is $780. How much is invested in the CD that pays 5% interest? Answer by Fombitz(32388) (Show Source):
You can put this solution on YOUR website! Let A be the amount in 5% and B the amount in 6%.
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Multiply eq. 1 by -5 and add it to eq. 2 to eliminate A.
Then from eq. 1,
