SOLUTION: Tamera invests some money in three different accounts. CD 3% and twice as much in an IRA 4%. She also invest 1,000 more than what she has invested in the CD into a mutual fund earn
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-> SOLUTION: Tamera invests some money in three different accounts. CD 3% and twice as much in an IRA 4%. She also invest 1,000 more than what she has invested in the CD into a mutual fund earn
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Question 1125323: Tamera invests some money in three different accounts. CD 3% and twice as much in an IRA 4%. She also invest 1,000 more than what she has invested in the CD into a mutual fund earning 5% interest. Determine how much Tamera invested in each account if she earned $ 290 in interest after 1 year ? Answer by ikleyn(52803) (Show Source):
Literal translation of the problem into an equation is this
0.03x + 0.04*(2x) + 0.05*(x+1000) = 290.
Simplify and solve for x, which is the amount at 3% (CD).
Then evaluate 2x (amount at IRA) and (x+100) (the amount at the mutual fund).
