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(6 points) country day's scholarship fund received a gift of $47000. the money was invested in stocks, bonds, and cds for one year. the cds paid 1% interest, the bonds paid 3% interest, and the stocks paid 8% interest. the amount invested bonds was $18000 more than the amount invested in cds, and the total income for one year from the investments was $2620. how much was invested in each type?

Respuesta :

Amount invested in cds is 2000, bonds is 20000 and stocks is 25000

Total fund received = $47000

Interest on cds = 1%

Interest on bonds = 3%

Interest on stocks = 8%

Let x be the amount invested in CDs be x, then the amount invested in bonds = x+18000 and the amount invested in stocks will be y

Formulating the equation we get:

x + x+18000 +y = 47000

2x + y = 29000-----(1)

Another equation:

1%of x + 3% of x+18000 + 8% of y = $2620

0.01x + 0.03x + 540 + 0.08y = 2620

0.04x + 0.08y = 2080

4x + 8y = 208000

Dividing by 2 we get

2x + 4y = 104000----(2)

Equating (1) and (2) we get:

3y = 75000

y = 25000

Substituting y in (1) we get

2x = 4000

x = 2000

Learn more about linear equations:

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