Question

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?

Answer 1

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

Answer 2

@JoannaBlackwelder guess what

Answer 3

brb

Answer 4

lol

Answer 5

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

Answer 6

am i right?

Answer 7

Very close! But the total interest is $534

Answer 8

so is my answer wrong or do i need to recaculate

Answer 9

Recalculate with the correct givens. Your method looks good :-)

Answer 10

man i gotta redo this noooo lol

Answer 11

You've almost got it!

Answer 12

im re working it now

Answer 13

:-)

Answer 14

municipal bond: $ 2000 certificate of deposit: $ 4000 money market: $ 6000 is what i got

Answer 15

Me too! :-D

Answer 16

yasssss i didi it thnx to you lol

Answer 17

Haha, you did that almost completely by yourself!

Answer 18

i hope your on tomorrow haha

Answer 19

thnx for the medals

Answer 20

I should be some. Tag me.

Answer 21

No worries

Answer 22

ok seya tomorrow