Question 989332: i need help Im not even sure how to set this problem up or how to go about solving it (a mother wants to invest 14,000.00 for her sons future education.She invesst a portion of the money in a bank certificateof deposite (CD account) witch earns 4% and the remainder in a savings bond that earns 7% if the total interest earned after one year is 840.00,how much money was invested in the CD account)
Answer by Boreal(15235)   (Show Source):
You can put this solution on YOUR website! x=CD
14000-x=SB
The two add to 14,000
0.04x + 0.07(14,000-x)=840
0.04x + 980-0.07x=840
-0.03x= -140
x=$4666.67 in CD
14000-x=$9333.33 SB
===
check
4666.67*0.04=$186.67
9333.33*0.07=$653.33
They add to $14,000 earning $840 annually.
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