Answer:
$65,000 was invested in stocks, $ 50,000 in CDs and $ 70,000 in bonds.
Step-by-step explanation:
Since Country Day's scholarship fund receives a gift of $ 185000, and the money is invested in stocks, bonds, and CDs, and CDs pay 4.75% interest, bonds pay 3.3% interest, and stocks pay 7.5% interest, and Country day invests $ 20000 more in bonds than in CDs, if the annual income from the investments is $ 9560, to determine how much was invested in each vehicle, the following calculation must be performed:
55000 x 0.075 + 55000 x 0.0475 + 75000 x 0.033 = 9,212.5
57000 x 0.075 + 54000 x 0.0475 + 74000 x 0.033 = 9,282
65000 x 0.075 + 50000 x 0.0475 + 70000 x 0.033 = 9,560
Therefore, $ 65,000 was invested in stocks, $ 50,000 in CDs and $ 70,000 in bonds.
