A mother wants to invest $6 comma 000.00 for her son's future education. She invests a portion of the money in a bank certificate of deposit (CD account) which earns 4% and the remainder in a savings bond that earns 7%. If the total interest earned after one year is $ 360.00 comma how much money was invested in the CD account? The total interest earned after one year is $360.00 . How much money was invested in the CD account? $

A mother wants to invest $6 comma 000.00 for her son's future education. She invests a portion of the money in a bank certificate of deposit (CD account) which earns 4% and the remainder in a savings bond that earns 7%. If the total interest earned after one year is $ 360.00 comma how much money was invested in the CD account? The total interest earned after one year is $360.00 . How much money was invested in the CD account? $

Corporate Fin Focused Approach

5th Edition

ISBN:9781285660516

Author:EHRHARDT

Publisher:EHRHARDT

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 28P

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