Question

A mother wants to invest ​$9 comma 000.00 for her​ son's future 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 $ 540.00 comma how much money was invested in the CD​ account?

Answer 1

Answer:

how much money was invested in the CD​ account?

$3000

Explanation:

I=C*%I*T    

I=C1*0,04*1+C2*0,7*1  

9000=C1+C2  

C1=9000-C2  

540=(9000-C2)*0,04+C2*0,07  

540=360-0,04C2+O,07C2  

 

180=0,03C2  

C2=6000  

C1=3000  

 

I=3000*0,04= 120  

I=6000*0,07=420