SOLUTION: $2000 is invested in certificates of deposit. Some of the $3000 is placed in a 4% simple interest certificate of deposit and the rest in a 5% simple interest certificate of deposit
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Question 1080384: $2000 is invested in certificates of deposit. Some of the $3000 is placed in a 4% simple interest certificate of deposit and the rest in a 5% simple interest certificate of deposit. If at the end of the year, $88 was the total interest earned, how much was invested in the 5% certificate? Answer by jorel1380(3719) (Show Source):
You can put this solution on YOUR website! Let n and 2000-n be the amounts deposited at 5% and 4%, respectively. Then:
.05n+.04(2000-n)=88
.01n=8
n=$800 invested at 5%; $1200 invested at 4%. ☺☺☺☺
