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Math Help - Word Problem

  1. #1
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    Word Problem

    Bob received $14,000 inheritance and divided it between a mutual fund that yielded a yearly return of 5% and a 1-year CD that paid 3.5% annually. If his total earnings for the year on this investment was $640, how much did he invest in each of these two funds?
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  2. #2
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    Quote Originally Posted by jsimms View Post
    Bob received $14,000 inheritance and divided it between a mutual fund that yielded a yearly return of 5% and a 1-year CD that paid 3.5% annually. If his total earnings for the year on this investment was $640, how much did he invest in each of these two funds?
    (a/b)14000 goes into the mutual fund with returns 5%
    and ((b-a)/b)14000 goes into the CD with return 3.5%.

    So (a/b)*14000*0.05 + ((b-a)/b)*14000*0.035 = 640.

    I've no calculator at the moment, but that should let you solve easily enough.
    Last edited by Unenlightened; May 26th 2008 at 04:12 PM. Reason: had a 1 in that shouldn't have been there...
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