SOLUTION: Henry and Kate want to invest​ $10,000.00 for their daughter Elizabeth's future education. She invests a portion of the money in a bank certificate of deposit​ (CD acco

Algebra ->  Real-numbers -> SOLUTION: Henry and Kate want to invest​ $10,000.00 for their daughter Elizabeth's future education. She invests a portion of the money in a bank certificate of deposit​ (CD acco      Log On


   

Question 1080382: Henry and Kate want to invest​ $10,000.00 for their daughter Elizabeth's future education. She invests a portion of the money in a bank certificate of deposit​ (CD account) which earns​ 4% and the remainder in a savings bond that earns​ 7%. If the total interest earned after one year is​ $600.00, how much money was invested in the CD​ account?
Answer by jorel1380(3719) About Me  (Show Source):
You can put this solution on YOUR website!
Let n and 10000-n be the amounts invested at 7% and 4%, respectively. Then:
.07n+.04(10000-n)=600
.03n=200
n=$6666.67 invested at 7%, and $3333.33 invested at 4%. ☺☺☺☺