SOLUTION: A man has invested $35,000, part in a CD that pays 3% and the rest in a money market account that pays 9%. If his annual interest for these two investments amounted to $2292, how m
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Question 724390: A man has invested $35,000, part in a CD that pays 3% and the rest in a money market account that pays 9%. If his annual interest for these two investments amounted to $2292, how much money did he have invested at each rate? Answer by mananth(16946) (Show Source):
You can put this solution on YOUR website! Part I 3.00% per annum ------------- Amount invested =x
Part II 9.00% per annum ------------ Amount invested = y
35000
Interest----- 2292
Part I 3.00% per annum ---x *
Part II 9.00% per annum ---y
Total investment
x + 1 y= 35000 -------------1
Interest on both investments
3.00% x + 9.00% y= 2292
Multiply by 100
3 x + 9 y= 229200.00 --------2
Multiply (1) by -3
we get
-3 x -3 y= -105000.00
Add this to (2)
0 x 6 y= 124200
divide by 6
y = 20700 - x
Part I 3.00% $ 14300
Part II 9.00% $ 20700
