SOLUTION: Translate to a system of equations and solve. Mark wants to invest $10,000 to pay for his daughter's wedding next year. He will invest some of the money in a short term CD that pa

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Question 1191391: Translate to a system of equations and solve.
Mark wants to invest $10,000 to pay for his daughter's wedding next year. He will invest some of the money in a short term CD that pays 12% interest and the rest in a money market savings account that pays 5% interest. How much should he invest at each rate if he wants to earn $1,088 in interest in one year?
short term CD___$
money market___$
Answer by Boreal(15235) About Me  (Show Source):
You can put this solution on YOUR website!
Short term=x
Long term=y
.12x+.05y=1088
x+y=10000
multiply top by -20 to eliminate y
-2.4x-7=-21760
so
-1.4x=-11760
x=$8400 @ 12%=($1008)
y=$1600 @5%=$80