SOLUTION: Mark deposited a total of $35,000 in two different CD's. One CD paid 4.25% annual interest, and the other paid 3.5% annual interest. At the end of one year, he had earned $1450 in
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Question 1074708: Mark deposited a total of $35,000 in two different CD's. One CD paid 4.25% annual interest, and the other paid 3.5% annual interest. At the end of one year, he had earned $1450 in interest from the two CD's. How much did Mark invest in each CD?
Mark invested $_____ in his first CD, and $_______ in the second CD. Answer by jorel1380(3719) (Show Source):
You can put this solution on YOUR website! Let n be the amount invested at 4.25% interest. Then the 3.5% account would be 35000-n. So:
.0425n+.035(35000-n)=1450
.0075n=225
n=$30000 invested at 4.25%, and $5000 invested at 3.5% ☺☺☺☺
