anonymous
  • anonymous
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?
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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jamiebookeater
  • jamiebookeater
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anonymous
  • anonymous
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
anonymous
  • anonymous
@JoannaBlackwelder guess what
JoannaBlackwelder
  • JoannaBlackwelder
brb

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anonymous
  • anonymous
lol
anonymous
  • anonymous
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
anonymous
  • anonymous
am i right?
JoannaBlackwelder
  • JoannaBlackwelder
Very close! But the total interest is $534
anonymous
  • anonymous
so is my answer wrong or do i need to recaculate
JoannaBlackwelder
  • JoannaBlackwelder
Recalculate with the correct givens. Your method looks good :-)
anonymous
  • anonymous
man i gotta redo this noooo lol
JoannaBlackwelder
  • JoannaBlackwelder
You've almost got it!
anonymous
  • anonymous
im re working it now
JoannaBlackwelder
  • JoannaBlackwelder
:-)
anonymous
  • anonymous
municipal bond: $ 2000 certificate of deposit: $ 4000 money market: $ 6000 is what i got
JoannaBlackwelder
  • JoannaBlackwelder
Me too! :-D
anonymous
  • anonymous
yasssss i didi it thnx to you lol
JoannaBlackwelder
  • JoannaBlackwelder
Haha, you did that almost completely by yourself!
anonymous
  • anonymous
i hope your on tomorrow haha
anonymous
  • anonymous
thnx for the medals
JoannaBlackwelder
  • JoannaBlackwelder
I should be some. Tag me.
JoannaBlackwelder
  • JoannaBlackwelder
No worries
anonymous
  • anonymous
ok seya tomorrow

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