Problema Solution
A man has invested $35000 part in a CD that pays 3% and the rest in a money market account that pays 9%. If his annual interest from these two investments amounted to $2292, how much money did he have invested at each rate?
Answer provided by our tutors
let
x = the money invested in a CD that pays 3%
y = the money invested in a money market account that pays 9%
a man has invested $35000:
x + y = 35000
his annual interest from these two investments amounted to $2292:
0.03x + 0.09y = 2292
by solving the system of equations:
x + y = 35000
0.03x + 0.09y = 2292
we find:
x = $14,300
y = $20,700
click here to see the step by step solution of the system of equations:
the man invested $14,300 in a CD that pays 3% and $20,700 in a money market account that pays 9%.