SOLUTION: if jake had 5,000 to invest and he put part of it an a cd paying 5% interest and the rest in a bond paying 8% interest. After 1 year, he earned $140 more from the bond than from th

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: if jake had 5,000 to invest and he put part of it an a cd paying 5% interest and the rest in a bond paying 8% interest. After 1 year, he earned $140 more from the bond than from th      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 238259: if jake had 5,000 to invest and he put part of it an a cd paying 5% interest and the rest in a bond paying 8% interest. After 1 year, he earned $140 more from the bond than from the cd. how much did he put in each investment
Answer by checkley77(12844) About Me  (Show Source):
You can put this solution on YOUR website!
.08X=.05(5000-X)+140
.08X=250-.05X+140
.08X+.05X=390
.13X=390
X=390/.13
X=3,000 AMOUNT INVESTED IN THE 8% BOND.
5,000-3,99=2,000 AMOUNT INVESTED IN THE 5% CD.
PROOF:
.08*3,000=.05*2,000+140
240=100+140
240=240