Fernando invested money in a 3-yr CD (certificate of deposit) that returned the equivalent of 6.5% simple interest. He invested $3000 less in a 30-month CD that had a 2% simple interest return. If the total amount of interest from these investments was $1075.00, determine how much was invested in each CD. Fernando invested $_______ in the 3-yr CD and $_________ in the 30-month CD.

Fernando invested money in a 3-yr CD (certificate of deposit) that returned the equivalent of 6.5% simple interest. He invested $3000 less in a 30-month CD that had a 2% simple interest return. If the total amount of interest from these investments was $1075.00, determine how much was invested in each CD. Fernando invested $_ in the 3-yr CD and $___ in the 30-month CD.

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter5: Business Deductions

Section: Chapter Questions

Problem 24P

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