Question 1125695: Country Day's scholarship fund receives a gift of $112,866.19. The money is invested in stocks, bonds, and CDs. CDs pay 5 % interest, bonds pay 5.9 % interest, and stocks pay 8.6 % interest. Country day invests $18,715.65 more in bonds than in CDs. If the annual income form the investments is $7,149.17 , how much was invested in each vehicle?
Answer by ikleyn(52776)   (Show Source):
You can put this solution on YOUR website! .
Let x be amount invested in CDs.
Then amount invested in bonds is (x+18715.65), according to the condition.
The rest, (112886.19 - x - 18715) was invested in stocks.
You annual interest equation is
0.05x + 0.059*(x+18715.65) + 0.086*((112886.19 - x - 18715) = 7149.17.
Simplify and solve for x.
|
|
|
