Bridgette C.
asked • 06/27/17Ashley has dollar-sign 120 Number....
Ashley has dollar-sign 120 Number , 000 to invest and decides to put some in a CD that earns 7 % interest per year and the rest in a low-risk stock that earns 2 %. How much did she invest in each to earn dollar-sign 4400 interest in the first year?
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1 Expert Answer
Kenneth S. answered • 06/27/17
Tutor
4.8
(62)
Algebra II EXPERT will help you survive & prosper
Let x $ be invested at 7% & the rest of 120K is (120,000-x), invested at 2%.
Total interest earned = 4400 = 0.07x + 0.02(120,000-x).
Solve this equation.
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Kenneth S.
06/27/17