Problema Solution
You invested a sum of money in a bank certificate yielding an annual return of one-twelfth of the sum invested. A second sum of money invested in a credit union certificate yields an annual return of one-ninth of the sum invested. The credit union investment is $500 more than two-thirds of the bank investment, and the total annual return is $1000.00. What is the sum of money you invested in the credit union certificate?
Answer provided by our tutors
You invested a sum of money in a bank certificate yielding an annual return of one-twelfth of the sum invested. A second sum of money invested in a credit union certificate yields an annual return of one-ninth of the sum invested. The credit union investment is $500 more than two-thirds of the bank investment, and the total annual return is $1000.00. What is the sum of money you invested in the credit union certificate?
Solution:
The sum of money you invested in the credit union certificate is (2/3x+500)
The sum of money you invested in bank is x
So
(1/12)x+(1/9)(2/3x+500) = 1000
x = 6000
So The sum of money you invested in the credit union certificate is $4500