Fernando invested money in a 3-yr CD (certificate of deposit) that returned the equivalent of...

80.2K

Verified Solution

Question

Basic Math

image

Fernando invested money in a 3-yr CD (certificate of deposit) that returned the equivalent of 4.1% simple interest. He invested $2000 less in a 30-month CD that had a 2% simple interest return. If the total amount of interest from these investments was $592.00, determine how much was invested in each CD.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students