Here is the question for my homework:
A mother wants to invest 7000 USD for her son's future education. She invests a portion of the money in a bank certificate of deposit (CD account) which earns 4% and the remainder in a savings bond that earns 7%. If the total interest earned after one year is $420.00, how much money was invested in the CD account?
Now, here is my steps:
Amount invested in the savings bond can be represented as 7000 - x
The interest earned in one year on the CD account is 0.04x
So, the interest earned on the savings bond in one year can be represented as: 0.07(7000-x)
The total interested earned after one year is 420.00 USD
The equation is now 0.04x+0.07(7000-x) = 420.00
Now to SIMPLFY it.
I have this so far
n - 420.00 = 0.03x
How do I get the number N?
