sam saved his money until he had $10000 to invest.he invested x dollars into certificate of deposit (cd) with an annual interest rate of 2% and the remaining y dollars into a mutual fund with annual interest of 1.5% total interest earned from both account one year was $193 dollars what is the value of y ?
1400
well, x+y = 10000, so x=10000-y and you have
.02(10000-y)+.015y = 193
$1,400
To find the value of y, we need to set up a system of equations based on the given information.
Let's break down the information:
1. Sam invested x dollars into a certificate of deposit (CD) with an annual interest rate of 2%.
2. Sam invested y dollars into a mutual fund with an annual interest rate of 1.5%.
3. The total interest earned from both accounts in one year was $193.
From these points, we can write the following equations:
Equation 1: x + y = $10,000 (since the total amount invested is $10,000)
Equation 2: 0.02x + 0.015y = $193 (since the total interest earned is $193, with the interest rates given)
Now, we can solve the system of equations.
Step 1: Solve Equation 1 for x
x = $10,000 - y
Step 2: Substitute the value of x in Equation 2
0.02($10,000 - y) + 0.015y = $193
Step 3: Simplify and solve for y
200 - 0.02y + 0.015y = $193
0.005y = $193 - $200
0.005y = -$7
y = -$7 / 0.005
y = -$1,400
The value of y is -$1,400. However, since y represents the amount invested, it cannot be negative. Therefore, we need to recheck the problem's information or ensure there are no errors in the given values.