SOLUTION: Van decided to invest $1200 in two accounts. The first is a CD that pays 8% and the second is a mutual fund that pays 9%. If his total interest from the two investments is $101. Ho

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Question 474027: Van decided to invest $1200 in two accounts. The first is a CD that pays 8% and the second is a mutual fund that pays 9%. If his total interest from the two investments is $101. How much did he invest in each account?
Answer by mananth(16946) About Me  (Show Source):
You can put this solution on YOUR website!
CD 8.00% per annum
MF 9.00% per annum

x+y 1200 ------------------------1
8.00%x+ 9.00% y = $101.00
Multiply by 100
8x+9y= $10,100.00 --------2

Multiply (1) by -8
we get

-8x-8y= -9600.00

Add this to (2)

0x +1y = $500.00

divide by 1

y=$500.00 investment at 9.00%
Balance $700.00 investment at 8.00%

CHECK
$500.00 ------- $45.00
$700.00 ------ $56.00
$101.00