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?
Stacey Warren - Expert brainly.com
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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
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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)
667.50 = .058x + .092x + 585 - .117x
Combine like terms.
667.50 = .033x + 585
82.50 = .033x
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
am i right?
Very close! But the total interest is $534
so is my answer wrong or do i need to recaculate
Recalculate with the correct givens. Your method looks good :-)
man i gotta redo this noooo lol
You've almost got it!
im re working it now
municipal bond: $ 2000 certificate of deposit: $ 4000 money market: $ 6000 is what i got