Solve the problem.
-Ms. Adams received a bonus check for $15,000. She decided to divide the money among three different investments. With some of the money, she purchased a municipal bond paying 5.5% simple interest. She
Invested twice the amount she paid for the municipal bond in a certificate of deposit paying 4.4% simple
Interest. Ms. Adams placed the balance of the money in a money market account paying 3.1% simple interest. If
Ms. Adams' total interest for one year was $540, how much was placed in each account?
A)municipal bond: $1250
B)municipal bond: $2000 certificate of deposit: $2500 certificate of deposit: $4000
Money market: $11,250 money market: $9000
C)municipal bond: $1000
D)municipal bond: $1500 certificate of deposit: $2000 certificate of deposit: $3000
Money market: $12,000 money market: $10,500

Question

Quizplus · Accepted Answer

Let the amount invested in the municipal bond be $x$. Therefore, the amount invested in the certificate of deposit is $2x$, and the remaining amount, $15000 - x - 2x = 15000 - 3x$, is invested in the money market account. The total interest from all investments is $540, which can be represented as $0.055x + 0.044(2x) + 0.031(15000 - 3x) = 540$. Solving this equation for $x$ gives $x = 1500$, which means $2x = 3000$ for the certificate of deposit, and $15000 - 3x = 10500$ for the money market account.

Solve the Problem. -Ms. Adams Received a Bonus Check for $15,000. She Decided