SOLUTION: joan had $1000 to invest. she invested part of the money in a COD that paid 4% annual simple interest, and the remainder in a mutual fund that paid 8% annual simple interest. the t
Algebra ->
Customizable Word Problem Solvers
-> Finance
-> SOLUTION: joan had $1000 to invest. she invested part of the money in a COD that paid 4% annual simple interest, and the remainder in a mutual fund that paid 8% annual simple interest. the t
Log On
Question 317349: joan had $1000 to invest. she invested part of the money in a COD that paid 4% annual simple interest, and the remainder in a mutual fund that paid 8% annual simple interest. the totsl interest of investments was $68.00. How much did Joan invest in each? Answer by Fombitz(32388) (Show Source):
You can put this solution on YOUR website! Let A be the amount in the COD, B in the mutual fund.
1.
.
.
2.
Multiply eq. 1 by -4 and add to eq. 2,
Then from eq. 1,
