Question

A mother wants to invest ​$ for her​ son's future 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 how much money was invested in the CD​ account?

Answer 1

Answer:

the amount of money i.e. invested in the CD account is $3,666.67

Explanation:

The computation of the money invested in the CD account is shown below:

Let us assume the amount invested be x

So, the equation i.e. to be made is

0.04x + 0.07 × ($11,000 - x) = $660

0.04x + $770 - 0.07x = $660

-0.03x = -$110

x = $3,666.67

Hence, the amount of money i.e. invested in the CD account is $3,666.67