SOLUTION: To pay for their child’s college education, the parents invested $10,000 part in a certificate of deposit paying 8.5% annual interest, the rest un a mutual fund paying 7% annual in
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Question 422623: To pay for their child’s college education, the parents invested $10,000 part in a certificate of deposit paying 8.5% annual interest, the rest un a mutual fund paying 7% annual interest. The annual income from the certificate of deposit is $200 more than the annual income from the mutual fund. How much money was put into each type of investment? Answer by jorel1380(3719) (Show Source):
You can put this solution on YOUR website! .085m=.07(10000-m)+200
.085m=900-.07m
.155m=900
m=900/.155=5806.45
10000-m=4193.54
The parents invested $5806.45 at 8.5%, and $4193.54 at 7%..
