Question 431993: A mother wants to invest 12,000.00 for her son's future education. She invests a portion of the money in a bank certificate of deposite (CD accouts) which earns 4% and the remainder in a savings bond that earns 7%. if the total intrest earned after one year is $720.00 how much money was invested in the CD accounts.
The total intrest earned after one year is $720.00. How much money was invested in the CD account?
Answer by jorel1380(3719)   (Show Source):
You can put this solution on YOUR website! Let X equal the CD deposit,Y the savings bond deposit:
X+Y=12,000
.04X+.07Y=720
Multiply the second equation by 100:
4X+7Y=72000
4X+4Y=48000
Subtract the second from the first , we get:
3Y=24000
Y=8000
If Y=8000, then X=4000.
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