Percentage invested in mutual fund: A
Percentage invested in cd: B
First equation
14,000A + 14,000B= 14,000
or
A+B=1
Second equation
14,000A x 0.05+ 14,000B x 0.035=640
or (simplifying)
700A + 490B=640
Now you have two unknown variables with two set of equations.
700A + 490B=640
490A + 490B=490
----------------- --
210A =150
A =0.714
B =1-0.714
Solving them you would get
A=0.714(rounding to 3 decimal points) or 71.4%
B=0.286 or 28.6%
This means 71.4% of 14,000(about US10,000) was invested in a mutual fund
and 28.6% of 14,000(about US4,000) was invested in cd
Hope it helps
and hope it's correct
