Problema Solution
Susan purchased municipal bonds yielding 7% annually and certificates of deposit yielding 9% annually. If Susan's investments amounted to $9004 and the annual income is $731.72, how much money is invested in bonds and how much money is invested in certificates of deposit?
Answer provided by our tutors
In bonds: x
In certificates of deposit: y
The equation is
x + y = 9004
7%*x + 9%*y = 731.72
We solve it
x = 3932
y = 5072
In bonds: $3932
In certificates of deposit: $5072