SOLUTION: Ashley has $120, 000 to invest and decides to put some in a CD that earns 9 % interest per year and the rest in a low-risk stock that earns 3 %. How much did she invest in each to
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-> SOLUTION: Ashley has $120, 000 to invest and decides to put some in a CD that earns 9 % interest per year and the rest in a low-risk stock that earns 3 %. How much did she invest in each to
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Question 901874: Ashley has $120, 000 to invest and decides to put some in a CD that earns 9 % interest per year and the rest in a low-risk stock that earns 3 %. How much did she invest in each to earn $ 9000 interest in the first year? Answer by richwmiller(17219) (Show Source):
You can put this solution on YOUR website! x+y=120000,
0.09*x+0.03*y=9000
x=120000-y
0.09*(120000-y)+0.03*y=9000
10800-0.09y+0.03*y=9000
-0.06*y=-1800
y=30000 at 3%
x=120000-y
x=90000 at 9%
check
0.09*90000+0.03*30000=9000
8100+900=9000
9000=9000
ok
