A mother earned $18750.00 from royalties on her cookbook. She set aside 20% of this for...
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A mother earned $18750.00 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 $900.00, how much money was invested at each rate? How much money was invested in the CD account? (Round to the nearest cent.) ACCO A mother earned $18750.00 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 $900.00, how much money was invested at each rate? How much money was invested in the CD account? (Round to the nearest cent.) ACCO
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Lets first calculate the amount of money the mother set aside for a down payment Down payment 20 of ... View the full answer
Related Book For
Financial Accounting
ISBN: 978-1259222139
9th edition
Authors: Robert Libby, Patricia Libby, Frank Hodge
Posted Date:
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