Question 180985: Okay, I am REALLY no good at word problems and when it comes to these kind...it makes my head spin. So if someone could please help me that would be GREAT!!! Here is the problem:
Barb has a total of $25,000 invested in two different accounts. One is a money market account paying 9.5% interest, while the other is a CD that pays 12% interest. She receives $2700 in interest from these combined investments, after 1 year. How much does she have invested in each account?
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! Barb has a total of $25,000 invested in two different accounts. One is a money market account paying 9.5% interest, while the other is a CD that pays 12% interest. She receives $2700 in interest from these combined investments, after 1 year. How much does she have invested in each account?
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Equation:
interest + interest = interest
0.095x + 0.12(25000-x) = 2700
Multiply thru by 1000 to get:
95x + 120*25000 - 120x = 2700000
-25x = 2700000 - 120*25000
x = $12,000 (amt. invested at 9.5%
25000-x = $13,000 (amt. invested at 12%
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Cheers,
Stan H.
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