Answered

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A mother wants to invest $13000 for her children's education. She invests a portion of
the money in a bank certificate of deposit (CD account) which earns 4% and the
remainder in a savings bond that earns 7%. If the total interest earned after one year is
$780, how much money was invested at each rate?

Sagot :

The amount invested at 4% is $4,333.33

The amount invested at 7% is $8,666.67

What represents the amount invested at 4%?

Let assume that x is the amount invested in the bank certificate of deposit (CD account)  which earns 4%, in essence, the interest earned at 4% is the amount of money invested multiplied by 4%

interest at 4%=4%*x=0.04x

amount invested at 7%=13000-x

interest at 7%=7%*(13000-x)

interest at 7%=910-0.07x

total interest=0.04x+910-0.07x

total interest=910-0.03x

total interest earned=780

780=910-0.03x

0.03x=910-780

0.03x=130

x=130/0.03

x=amount invested  at 4%=$4,333.33

amount invested at 7%=$13,000-$4,333.33

amount invested at 7%=$8,666.67

Find out  more about multiple investment accounts on:https://brainly.com/question/2140799

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