Last year Anne invested a total of $6,400. She invested part of it in a certificate of deposit that earned 2% interest for the y
ear. The rest of the investment was put into bonds that earned 6% interest for the year. Anne earned 3.75% in interest overall. How much money did Anne put into each type of investment?
Suppose Anne invested $x in certificate of deposit and $(6400-x) in bonds. Interest rate earned in certificate deposit will be: 2/100*x=0.02x Interest earned in bonds will be: 6/100*(6400-x) =(364-0.06x) Total amount of interest earned was 3.75%, this is equal to: 3.75/100*6400 =240 hence we conclude that: 0.02x+(364-0.06x)=240 0.02x+364-0.06x=240 0.02x-0.06x=240-364 -0.04x=-124 x=-124/(-0.04) x=$3100 hence the amount invested in certificate was $3100 and the amount invested in bonds was (6400-3100)=$3300
