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JamesStone
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BA English Teaching, Data Analyst 7 Years
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I have 30,000.00 and want to put 5% into a CD and I want to
Customer Question
I have 30,000.00 and want to put 5% into a CD and I want to put the remainder of 9% in a savings bond, after 1 year the total interest is $550.00. How much money at each rate?
Submitted:
5 years ago.
Category:
General
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Expert:
JamesStone
replied 5 years ago.
Let me see if I understand your question correctly, the wording is a little bit ambiguous.
You're interested in investing 5% of 30000 in a CD ($1500)
And investing 9% of 30000 in a Savings Bond ($2700)
And after 1 year accrue a total interest of $550?
That would be a combined average return of 13.1%
I think perhaps you mean something different.
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Customer:
replied 5 years ago.
Can you please show me how you get to this answer.
Thank you.
Expert:
JamesStone
replied 5 years ago.
OK sure. If you are investing 5% of $30,000 into a CD, you multiply 30000*.05 = 1500
If you are investing 9% of $30,000 into a Savings Bond, you multiply 30000*.09 = 2700
So if you add up 1500 + 2700, your total monies being invested is 4200.
After one year $550 in interest was accrued based on your principal value of $4200. If you divide 550/4200 you end up with .13095..., which you can round up to 13.1%.
If this is what you were looking for, please let me know. If the question is different, I'm happy to look into that for you.
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