3 problem quastion

Question

Country Day's scholarship fund receives a gift of $ 140000. The moneyis invested in stocks, bonds, and CDs. CDs pay 2 % interest, bondspay 3.7 % interest, and stocks pay 11.1 % interest. Country dayinvests $ 60000 more in bonds than in CDs. If the annual income from theinvestments is $ 7800 , how much was invested in each vehicle?.

Answer 1

Let
CD's = x

Bonds = x + 60000

Stocks = y

 

x + x + 60000 + y = 140000 ----> 2x + y = 80000 eq.1

 

Using I=Prt; t=1; I=Pr

 

2x + 3.7(x + 60000) + 11.1y = 7800(100*)  *I used the exact percentage so you need to multiply 100 on the other side.

 

5.7x + 11.1y = 558000 eq. 2

 

Either elimination or substitution;

 

x = 20000 y = 40000

 

So CD's = 20000, Bonds = 80000, Stocks = 40000