SOLUTION: A $50,000 retirement income is to be invested into two accounts: a money market fund that pays 8.5% and a certificate of deposit that pays 10.5%. How much should be invested at eac

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Question 450538: A $50,000 retirement income is to be invested into two accounts: a money market fund that pays 8.5% and a certificate of deposit that pays 10.5%. How much should be invested at each rate in order to provide a yearly interest income of $4550?
Answer by mananth(16946) About Me  (Show Source):
You can put this solution on YOUR website!
Money market 8.50% per annum------------- x
CD 10.50% per annum------------ y
total investment 50000
Interest----- $4,550.00

8.50% x + 10.50% * 3 x = $4,550.00
0.09 x + 0.11 * 3 x = $4,550.00
0.09 x + 0.32 x = $4,550.00
0.4 x = $4,550.00
/ 0.4
x= $11,375.00 --- Money market
Balance in CD