Edmonds Community College's (EDCC) scholarship fund received a gift of $ 115,000. The money is invested in stocks, bonds, and CDs. CDs pay 2.5% interest, bonds pay 4.8% interest, and stocks pay 7.3% simple interest. EDCC invests $ 40,000 more in bonds than in CDs. If the annual income from the investments is $5,935 , how much was invested in each vehicle? solve by the method of your choice either using reduced row echelon form or the matrix equation

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
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Edmonds Community College's (EDCC) scholarship fund received a gift of $ 115,000.
The money is invested in stocks, bonds, and CDs.
CDs pay 2.5% interest, bonds pay 4.8% interest, and stocks pay 7.3% simple interest.
EDCC invests $ 40,000 more in bonds than in CDs.

If the annual income from the investments is $5,935 , how much was invested in each vehicle?
solve by the method of your choice either using reduced row echelon form or the matrix equation

 

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