Solve the problem
-Ms. Adams received a bonus check for $12,000. She decided to divide the money among three different investments. With some of the money, she purchased a municipal bond paying 5.5% simple interest. She invested twice the amount she paid for the municipal bond in a certificate of deposit paying 4.3% simple interest. Ms. Adams placed the balance of the money in a money market account paying 3.3% simple interest. If Ms. Adams' total interest for one year was $480, how much was placed in each account?
A) municipal bond: $2000
certificate of deposit: $4000
money market: $6000
B) municipal bond: $2500
certificate of deposit: $5000
money market: $4500
C) municipal bond: $1500
certificate of deposit: $3000
money market: $7500
D) municipal bond: $1750
certificate of deposit: $3500
money market: $6750

Question

Quizplus · Accepted Answer

The total interest earned is $480. Let x be the amount invested in the municipal bond. Then, the amount invested in the certificate of deposit is 2x, and the amount invested in the money market account is 12000 - x - 2x = 12000 - 3x. The interest earned from the municipal bond is 0.055x, from the certificate of deposit is 0.043(2x) = 0.086x, and from the money market account is 0.033(12000 - 3x) = 396 - 0.099x. The total interest earned is 0.055x + 0.086x + 396 - 0.099x = 480. Solving for x, we get x = 2000. Therefore, the amount invested in the municipal bond is $2000, the amount invested in the certificate of deposit is $4000, and the amount invested in the money market account is $6000.

Solve the Problem -Ms. Adams Received a Bonus Check for $12,000. She Decided