Maricopa's Success scholarship fund receives a gift of $ 215000. The money is invested in stocks, bonds, and CDs. CDs pay 2.25 % interest, bonds pay 2 % interest, and stocks pay 9.2 % interest. Maricopa Success invests $ 15000 more in bonds than in CDs. If the annual income from the investments is $ 8087.5 , how much was invested in each account?

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01-08-2022
Mathematics

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Maricopa's Success scholarship fund receives a gift of $ 215000. The money is invested in stocks, bonds, and CDs. CDs pay 2.25 % interest, bonds pay 2 % interest, and stocks pay 9.2 % interest. Maricopa Success invests $ 15000 more in bonds than in CDs. If the annual income from the investments is $ 8087.5 , how much was invested in each account?

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raphealnwobi raphealnwobi · Answer 1 · 2022-08-03T18:19:30+02:00

The amount of money invested in stocks was $50000, $90000 was invested in bonds and $75000 was invested in CDs

What is an equation?

An equation is an expression that shows the relationship between two or more numbers and variables.

An independent variable is a variable that does not depend on other variables while a dependent variable is a variable that depends on other variables.

Let x represent the amount of money invested in stocks, y represent bonds and z represent CDs, hence:

x + y + z = 215000 (1)

Also:

0.0225z + 0.02y + 0.092x = 8087.5 (2)

And:

y = 15000 + z (3)

The solution of the equation is:

x = 50000, y = 90000 and z = 75000

The amount of money invested in stocks was $50000, $90000 was invested in bonds and $75000 was invested in CDs

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