Solve the Problem. -Don James Wants to Invest $59,000 to Earn $6170 Per

question 80

Multiple Choice

Solve the problem.
-Don James wants to invest $59,000 to earn $6170 per year. He can invest in B-rated bonds paying 13% per year or in a Certificate of Deposit (CD) paying 7% per year. How much money should be invested in each to realize exactly $6170 in interest per year?

• A)$25,000 in B-rated bonds and $34,000 in a CD
• B)$35,000 in B-rated bonds and $24,000 in a CD
• C)$24,000 in B-rated bonds and $35,000 in a CD
• D)$34,000 in B-rated bonds and $25,000 in a CD

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