Question

A mother wants to invest ​$6000 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 $ 360​, how much money was invested at each​ rate?
How much money was invested in the CD​ account?
​$______
​(Round to the nearest​ cent.)
How much money was invested in savings​ bonds?
​$_________
​(Round to the nearest​ cent.)

Answer 1

Answer:

Money invested in CD account: $2000

Money Invested in Savings Bond: $4000

Step-by-step explanation:

Given

Total amount=$6000

Let  

x be the amount invested in CD at 4%

And

6000-x be the remaining amount invested in savings bond at 7%

So mathematically writing

0.04x+0.07(6000-x)=360

0.04x+420-0.07x=360

-0.03x+420=360

-0.03x=360-420

-0.03x= -60

x= -60/(-0.03)

x=$2000

So the amount invested in CD is $2000.

And the amount invested in savings bond is:

=6000-x

=6000-2000

=$4000  ..