Math Problem Statement
Country Day's scholarship fund receives a gift of $ 135000. The money is invested in stocks, bonds, and CDs. CDs pay 4.25 % interest, bonds pay 2.4 % interest, and stocks pay 8.7 % interest. Country day invests $ 15000 more in bonds than in CDs. If the annual income from the investments is $ 8112.5 , how much was invested in each vehicle?
Solution
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Math Problem Analysis
Mathematical Concepts
Algebra
Linear Equations
Investment Income Calculation
Formulas
Income from investment = Principal × Rate
Total investment = Amount in CDs + Amount in Bonds + Amount in Stocks
Income equation: 0.0425x + 0.024(x + 15000) + 0.087(135000 - (x + (x + 15000))) = 8112.5
Theorems
Properties of Linear Equations
Suitable Grade Level
Grades 9-12
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