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
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
Section: Chapter Questions
Problem 1PS
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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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