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anonymous

  • one year ago

Ms. Adams received a bonus check for $12,000. She decided to divide the money among three different investments. With some of the money, she purchased a municipal bond paying 5.8% simple interest. She invested twice the amount she paid for the municipal bond in a certificate of deposit paying 4.9% simple interest. Ms. Adams placed the balance of the money in a money market account paying 3.7% simple interest. If Ms. Adams' total interest for one year was $534, how much was placed in each account?

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  1. anonymous
    • one year ago
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    A. municipal bond: $ 1500 certificate of deposit: $ 3000 money market: $ 7500 B. municipal bond: $ 2500 certificate of deposit: $ 5000 money market: $ 4500 C. municipal bond: $ 2000 certificate of deposit: $ 4000 money market: $ 6000 D. municipal bond: $ 1750 certificate of deposit: $ 3500 money market: $ 6750

  2. anonymous
    • one year ago
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    @JoannaBlackwelder guess what

  3. JoannaBlackwelder
    • one year ago
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    brb

  4. anonymous
    • one year ago
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    lol

  5. anonymous
    • one year ago
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    Let the money for the municipal bond be x. Then the money for the COD is twice that, so 2x. The money in the money market account is the remaining balance, so 15,000 - x - 2x, or 15,000 - 3x Now we'll make an equation setting the total interest equal to the three rates multiplied by the three amounts. 667.50 = (.058)(x) + (.046)(2x) + (.039)(15000-3x) Distribute. 667.50 = .058x + .092x + 585 - .117x Combine like terms. 667.50 = .033x + 585 Subtract. 82.50 = .033x Divide. 2,500 = x So the amount in the municipal bond is x, or $2,500 The amount in the COD is 2x, or $5,000 And the amount in the money market fund is 15,000 - 3x, or $7,500

  6. anonymous
    • one year ago
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    am i right?

  7. JoannaBlackwelder
    • one year ago
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    Very close! But the total interest is $534

  8. anonymous
    • one year ago
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    so is my answer wrong or do i need to recaculate

  9. JoannaBlackwelder
    • one year ago
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    Recalculate with the correct givens. Your method looks good :-)

  10. anonymous
    • one year ago
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    man i gotta redo this noooo lol

  11. JoannaBlackwelder
    • one year ago
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    You've almost got it!

  12. anonymous
    • one year ago
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    im re working it now

  13. JoannaBlackwelder
    • one year ago
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    :-)

  14. anonymous
    • one year ago
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    municipal bond: $ 2000 certificate of deposit: $ 4000 money market: $ 6000 is what i got

  15. JoannaBlackwelder
    • one year ago
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    Me too! :-D

  16. anonymous
    • one year ago
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    yasssss i didi it thnx to you lol

  17. JoannaBlackwelder
    • one year ago
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    Haha, you did that almost completely by yourself!

  18. anonymous
    • one year ago
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    i hope your on tomorrow haha

  19. anonymous
    • one year ago
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    thnx for the medals

  20. JoannaBlackwelder
    • one year ago
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    I should be some. Tag me.

  21. JoannaBlackwelder
    • one year ago
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    No worries

  22. anonymous
    • one year ago
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    ok seya tomorrow

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