Country Day's scholarship fund receives a gift of $ 145000. The money is invested in stocks, bonds,
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Country Day's scholarship fund receives a gift of $ 145000. The money is invested in stocks, bonds, and CDs. CDs pay 5.25 % interest, bonds pay 2.5 % interest, and stocks pay 8.4 % interest. Country day invests $ 65000 more in bonds than in CDs. If the annual income from the investments is $ 6987.5 , how much was invested in each vehicle?
Set up and solve a system of equations by writing it as an augmented matrix and using the RREF function on your calculator or Desmos to reduce the matrix.
Country Day invested $ in stocks.
Country Day invested $ in bonds.
Country Day invested $ in CDs.
Related Book For
Personal Financial Planning
ISBN: 9780357438480
15th Edition
Authors: Randy Billingsley, Lawrence J. Gitman, Michael D. Joehnk
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