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Chapter 3: Q. 201 (page 353)

Stephanie inherited $40,000. She wants to put some of the money in a certificate of deposit that pays 2.1% interest per year and the rest in a mutual fund account that pays 6.5% per year. How much should she invest in each account if she wants to earn 5.4% interest per year on the total amount?

Short Answer

Expert verified

Stephanie should invest $10000in a certificate of deposit that pays 2.1%and $30000in a mutual funds that pays 6.5%.

Step by step solution

01

Step 1. Given information.

Consider the given question,

Stephanie inherited $40000.

Interest in a certificate of deposit is 2.1%.

Interest in a mutual fund account is 6.5%.

Assume x to be the amount invested in a certificate of deposit. Then,

localid="1647253331285" 40000-x=Amount invested in mutual funds.

Make the table,

02

Step 2. Form the equation.

Consider the table, we can say,

0.021x+0.06540000-x=400000.0540.021x+2600-0.065x=21600.044x=440x=$10000

Then,

=40000-10000=$30000

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