Thomas E. answered 11/07/18
Tom E., a Patient and Knowledgeable Mathematics Tutor for You
Let x = amt invested in the CD, then 13000-x = amt invested in bonds
780 = .04(x) + .07(13000 - x)
780 = 910 - .03 x
x = 4333.33
Kari S.
asked 11/07/18A mother wants to invest
$13000
for her children's education. She invests a portion of the money in a bank certificate of deposit (CD account) which earns 4% and the remainder in a savings bond that earns 7%. If the total interest earned after one year is
$ 780,
how much money was invested at each rate, CD Account = ?
Savings Bonds= ?
Round to nearest cent
Thomas E. answered 11/07/18
Tom E., a Patient and Knowledgeable Mathematics Tutor for You
Let x = amt invested in the CD, then 13000-x = amt invested in bonds
780 = .04(x) + .07(13000 - x)
780 = 910 - .03 x
x = 4333.33
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