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3 August, 11:04

A mother earned $17500.00 from royalties on her cookbook. She set aside 20% of this 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 $840.00 , how much money was invested at each rate?

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  1. 3 August, 12:18
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    17500/5 = 3500 (down payment)

    17500 - 3500 = 14000

    14000/100 = 140

    140 x 4 = 560 (CD account)

    14000 - 560 = 13440

    13400/100 = 134.4
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