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OpenStudy (anonymous):
A mother earned $10000.00 from royalties on her cookbook. She set aside 20% for a down payment on a new home. The balance will be used for her son’s future education. She invests a portion of the money in a bank certificate of deposit (CD account) that earns 4% and the remainder in a savings bond that earns 7%. If the total interest earned after one year is $480.00, how much money was invested at each rate.
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