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Question

Need two equations 

 

Bob had $20,000 to invest for one year and he invested different accounts in two accounts. The first account was a CD that earned interest at a 6% annual simple rate. The second sccount was a money market that earned interest at a 4.5% annual simple rate. If non earned $1120 in interest from these investments how much money did he invest in each account? Need two equations

Answer 1

Let c = CD

Let m = money market account

 

c + m = 20,000

.06c + .045m = 1120

 

Multiply first equation by .06. You get:

 

.06c + .06m = 1200

.06c + .045m = 1120

 

Subtract these two equations. You get:

 

.015m = 80

 

m = 80/.015 = 5,333.33

 

c = 14,666.67