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Anthonyxxx1
02.10.2019 •
Business
Mark wants to invest $10,000 to pay for his daughter’s wedding next year. he will invest some of the money in a short term cd that pays 12% interest and the rest in a money market savings account that pays 5% interest. how much should he invest at each rate if he wants to earn $1,095 in interest in one year?
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Ответ:
market saving accounts: 1,500
Certificate of Deposit: 8,500
Explanation:
We build the accounting equation:
we re-express the first part and replace:
A = 10,000 - B
0.12(10,000 - B) + 0.05B = 1,095
and solve for B
1,200 - 0.12B + 0.05B = 1,095
1,200 - 1,095 = 0.07B
105 / 0.07 = B
B = 1500
market saving accounts: 1,500
now we sovle for CD:
10,000 - 1,500 = 8,500 Certificate of Deposit
Ответ:
No.
Explanation: