Based on the calculation below, the amount invested in a 3-yr CD is $4,500, while the amount invested in an 18-month CD is $2,500.
<h3>How do we calculate the invested amount?</h3>
Let:
Amount invested in a 3-yr CD = x
Amount invested in an 18-month CD = y = x - 2,000
Amount of interest from x = 0.044 * 3 * x = 0.132x
Since y is based on month, we have:
Amount of interest from y = y * (0.03 / Number months in a year) * 18 = y * (0.03 / 12) * 18 = 0.045y
Therefore, we have:
0.132x + 0.045y = 706.50 ......................... (1)
Substituting y = x - 2,000 into equation (1) and solving for x, we have:
0.132x + 0.045(x - 2,000) = 706.50
0.132x + 0.045x - 90 = 706.50
0.177x = 706.50 + 90
0.177x = 796.50
x = 796.50 / 0.177
x = $4,500
Substituting x = $4,500 into y = x - 2,000; we have:
y = $4,500 - $2,000 = $2,500
Learn more about the invested amount here: brainly.com/question/28394674.
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