Question

Maricopa's Success scholarship fund receives a gift of $160000. The money is invested in stocks, bonds, and CDs. CDs pay 3% interest, bonds pay 3.3% interest, and stocks pay 10.4% interest. Maricopa Success invests $55000 more in bonds than in CDs. If the annual income from the investments is $9835, how much was invested in each account? Maricopa Success invested 5 in stocks. Maricopa Success invested $ in bonds. Maricopa Success invested S in CDs. Question Help: Video Message instructor

Answer 1

The amount invested in CDs is $52,497.50, the amount invested in bonds is $107,497.50, and the amount invested in stocks is $5.

Step-by-step explanation:

Let's assume the amount invested in CDs is C. Since the amount invested in bonds is $55,000 more than in CDs, the amount invested in bonds is C + $55,000. The amount invested in stocks is given as $5. The total amount invested is the sum of these three amounts: C + (C + $55,000) + $5. We can set up the equation:

C + (C + $55,000) + $5 = $160,000

Simplifying the equation gives us: 2C + $55,005 = $160,000. Substracting $55,005 from both sides gives us 2C = $104,995. Dividing both sides by 2 gives us C = $52,497.50.

So, the amount invested in CDs is $52,497.50, the amount invested in bonds is $52,497.50 + $55,000 = $107,497.50, and the amount invested in stocks is $5.