Algebra 2 Word Problem

Question

Country Day's scholarship fund receives a gift of $ 130000. The money is invested in stocks, bonds, and CDs. CDs pay 3.5 % interest, bonds pay 2 % interest, and stocks pay 6.9 % interest. Country day invests $ 30000 more in bonds than in CDs. If the annual income from the investments is $ 6670 , how much was invested in each vehicle? 

Answer 1

Is there more information about what they did regarding stock investment? It says "The money is invested in stocks, bonds, and CDs" but nothing is said about stocks (just bonds and CDs)

Assuming they ONLY invest in bonds and CDs, then, for that first year, if we consider "x" to be the amount invested in in bonds, then the amount invested in CDs is 130000 - x

The amount they earn (that first year) in bonds is then 0.02x

The amount they earn (that first year) in CDs is 0.035(130000 - x)

The total is 0.02x + 0.035(130000 - x) and it equals 6670 so:

0.02x + 0.035(130000 - x) = 6670

Then, solve for "x"

Answer 2

Here's the formula: fv=p(1+int/c)^(nt)

future value

int (decimal form)

compound

years

times/yr