SOLUTION: Susan purchased municipal bonds which yield 7% annually and certificates of deposit which yield 8% annually. If Susan's initial investment amounts to $18,000 and the annual income
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Question 95643: Susan purchased municipal bonds which yield 7% annually and certificates of deposit which yield 8% annually. If Susan's initial investment amounts to $18,000 and the annual income is $1380, how much money is invested in bonds and how much is invested in certificates of deposit? Answer by checkley71(8403) (Show Source):
You can put this solution on YOUR website! .08*X+.07(18000-X)=1380
.08X+1260-.07X=1380
.01X=1380-1260
.01X=120
X=120/.01
X=12000 INVESTED IN CERTIFICATES.
18000-12000=6000 INMVESTED IN BONDS.
PROOF
12000*.08+6000*.07=1380
960+420=1380
1380=1380
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