SOLUTION: A mother earned $10,000.00 from royalties on her cookbook. She set aside 20% of this for a down payment on a new home. The balance will be used for her son's future education. She
Algebra ->
Customizable Word Problem Solvers
-> Finance
-> SOLUTION: A mother earned $10,000.00 from royalties on her cookbook. She set aside 20% of this for a down payment on a new home. The balance will be used for her son's future education. She
Log On
Question 941447: A mother earned $10,000.00 from royalties on her cookbook. She set aside 20% of this for a down payment on a new home. The balance will be used for her son's future education. She invests a portion of the money in a bank certificate of deposit (CD account) that earns 4% and the remainder in a savings bond that earns 7%. if the total interest earned after one year is $480.00, how much money was invested at each rate?
How much money was invested in the CD account?
(Round to the nearest cent.)
How much money was invested in the savings bond?
(Round to the nearest cent.)
You can put this solution on YOUR website! total invested = 10000*0.80 = 8000
---
x = amount invested at 4%
y = amount invested at 7%
---
x + y = 8000
0.04x + 0.07y = 480
---
put the system of linear equations into standard form
---
x + y = 8000
0.04x + 0.07y = 480
---
copy and paste the above standard form linear equations in to this solver:
https://sooeet.com/math/system-of-linear-equations-solver.php
---
solution:
x = 2666.67
y = 5333.33
---
Free algebra tutoring live chat:
https://sooeet.com/chat.php?gn=algebra
---
Solve and graph linear equations:
https://sooeet.com/math/linear-equation-solver.php
---
Solve quadratic equations with quadratic formula:
https://sooeet.com/math/quadratic-formula-solver.php
---
Solve systems of linear equations up to 6-equations 6-variables:
https://sooeet.com/math/system-of-linear-equations-solver.php
---
