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Question 890688: Ms. Adams received a bonus check for $15,000. She decided to divide the money among three different investments. With some of the money, she purchased a municipal bond paying 5.4% simple interest. She invested twice the amount she paid for the municipal bond in a certificate of deposit paying 4.7% simple interest. Ms. Adams placed the balance of the money in a money market account paying 3.4% simple interest. If Ms. Adams' total interest for one year was $625, how much was placed in each account?
Answer by ankor@dixie-net.com(22740)   (Show Source):
You can put this solution on YOUR website! Adams received a bonus check for $15,000.
divides the money among three different investments.
municipal bond paying 5.4% simple interest.
invested twice the amount in a certificate of deposit paying 4.7% simple interest
the balance of the money in a money market account paying 3.4% simple interest.
total interest for one year was $625, how much was placed in each account?
:
Let x = amt in 5.4% bonds
then
2x = amt in 4.7% cds
and
15000-3x = amt paying 3.4%
:
.054x + .047(2x) + .034(15000-3x) = 625
.054x + .094x + 510 - .102x = 625
.046x = 625 - 510
.046x = 115
x = 115/.046
x = 2500
therefore we have
$2500 in bonds (x)
$5000 in cds (2x)
$7500 in Money Mkt acct (15000-3x)
:
:
Check this find the total
.054(2500) + .047(5000) + .034(7500) =
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