Question

A total of $64,000 is to be invested some in bonds and some in certificates of deposit. If the amount invested in bonds is to exceed that in cds by $3000 how much

will be invested in each type of investment

Answer 1

To find the amount invested in bonds and certificates of deposit (CDs), we can set up a system of equations and solve for the values of x and y. The amount invested in bonds will be $33,500 and the amount invested in CDs will be $30,500.

Step-by-step explanation:

Let x be the amount invested in bonds and y be the amount invested in certificates of deposit (CDs).

According to the given information, the amount invested in bonds exceeds the amount invested in CDs by $3000. So, we have the equation:

x = y + 3000

Also, the total amount invested is $64,000. So, we have the equation:

x + y = 64000

Solve these two equations simultaneously to find the values of x and y:

Substituting the value of x from the first equation into the second equation, we get:

y+3000 + y = 64000

Combine like terms:

2y + 3000 = 64000

Subtract 3000 from both sides:

2y = 61000

Divide by 2:

y = 30500

Substitute this value of y into the first equation to find x:

x = 30500 + 3000

x = 33500

Therefore, $33,500 will be invested in bonds and $30,500 will be invested in CDs.