Final answer:
Joel invested $15,000 in a CD and $29,000 in a money market account, to total $44,000. The amounts were determined by solving the equation which was based on the information that the money market investment is $1,000 less than twice the CD investment.
Step-by-step explanation:
Joel invested $44,000 into two accounts: a money market account and a CD (Certificate of Deposit). Let's define the amount he put into the CD as x. According to the problem, the amount he put into the money market account is $1,000 less than twice the amount put into the CD, so it can be written as 2x - $1,000.We can set up the following equation to represent the total investment:
x (amount in CD) + (2x - $1,000) (amount in money market) = $44,000
By solving the equation, we can determine how much Joel invested in each account:
- x + 2x - $1,000 = $44,000
- 3x - $1,000 = $44,000
- 3x = $45,000
- x = $15,000
This means Joel invested $15,000 in the CD. To find the amount in the money market account:
2($15,000) - $1,000 = $30,000 - $1,000 = $29,000
Therefore, Joel invested $15,000 in the CD and $29,000 in the money market account.