math

posted by .

A mother wants to invest $9,000.00 for her son’s future education. She invents a portion of the money in a bank certificate of deposit (Cd account) which earns 4% and the remainder in a saving bond that earns 7%. If the total interest earned after one year is $540.00, how much money was invested in the CD account?

  • math -

    $X-Invested in CD.
    $Y-Invested in bonds.

    Eq1: 0.04X + 0.07Y = $540.
    Eq2: X + Y = $9000.
    Multiply Eq1 by 100 and Eq2 by -7:

    4X + 7Y = 54000.
    -7X -7Y = -63000.
    Add the Eqs:
    -3X = -9000.
    X = $3000 Invested in a CD.

  • math -

    Jamal currently earns $20,000 a year in gross wages. On January 1, he is due to receive a 2% COLA. What will his gross income be after the COLA takes effect?

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. algebra 2

    how much money will betty need, to the nearest cent, to invest in a certificate of deposit to have $20,000 after 20 years if the account earns a simple annual interest rate of 3.5%
  2. math

    a mother wants to $9000 for her son's future education. She invested a portion of the money in a bank certificate(CD account) which earns 4% and the reminder in a savings bond that earns 7%. If the total interest earned after one year …
  3. math

    A mother wnats to invest $6,000 for her son's future education. She invests a portion of the money in a bank certificate of deposit which earns 4% and the remaainder is a savings bond that earns 7%. If the total interest earned after …
  4. Math

    a mother wants to invest 5000 for her sons future education. She invests a portion of the money in a bank certificate of deposit which earns 4% and the remainder in a savings bond that earns 7%. If the total interest earned after one …
  5. Algebra

    A mother wants to invest $ 12,000.00 for her sons education. She invests a portion of the money in a bank certificate of deposit (CD Account) which earns 4% and the remain saving bond that earns 7%. If the total interest earned after …
  6. Algebra

    A mother wants to invest 8,000 dollars into her child's college fund. She invests a portion of the money into a CD account which earns 4% interest, and the remainder into a savings bond which earns 7% interest. If the total interest …
  7. math

    a mother wants to invest 5000 for her sons future education. She invests a portion of the money in a bank certificate of deposit which earns 4% and the remainder in a savings bond that earns 7%. If the total interest earned after one …
  8. MATH

    Andrea wants to deposit money into a bank account that earns 2.5% simple interest. Use the formula to find the amount of money that she should deposit so that she earns $2500 after 4.5 years. Show and explain your work.
  9. PRE-CALCULUS

    . Sam won $150,000 in the Michigan lottery and decides to invest the money for retirement in 20 years. Find the accumulated value for Sam’s retirement for each of his options: (a) a certificate of deposit paying 5.4% compounded yearly …
  10. Math

    a mother wants to invest 7000 for her son's future education.she invest in two account: a money market fund that pays 4% and a certificate of deposit that pays 7%. if the total interest earned after one year is $420, how much money …

More Similar Questions