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investments is $ 8550, how much was invested in each vehicle?

investments is $ 8550, how much was invested in each vehicle?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Country Day's scholarship fund receives a gift of $ 165000. The money is invested in stocks, bonds, and CDs. CDs pay 5 % interest, bonds pay 2.5 % interest, and stocks pay 8 % interest. Country day invests $ 15000 more in bonds than in CDs. If the annual income from the investments is $8550, how much was invested in each vehicle?
Transcribed Image Text:Country Day's scholarship fund receives a gift of $ 165000. The money is invested in stocks, bonds, and CDs. CDs pay 5 % interest, bonds pay 2.5 % interest, and stocks pay 8 % interest. Country day invests $ 15000 more in bonds than in CDs. If the annual income from the investments is $8550, how much was invested in each vehicle?
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