Question

For Exercises 10 and 11, use the following information.

Jarrod Wright has $4000$ he would like to invest so that he can earn some interest on it. He has discovered that he could put it in a savings account paying $6.5\%$interest annually, or in a certificate of deposit with an annual rate of $8\%$. He wants his interest for the year to be $297.50$, because earning more than this would put him into a higher tax bracket.

Write a system of equations, in which the unknowns s and d stand for the amounts of money Jarrod should deposit in the savings account and the certificate of deposit, respectively.

Short answer

The required system of equations is,

$6.5s-8d=297.50$

$s+d=4000$

Step-by-step solution

Step 1- Determine the base on which the equations can be formed

The first equation can be formed on the basis of interest in which the interest related to deposit will be subtracted from interest related to savings and that will be equal to $297.50$. The second can be formed on the basis of amount that will be invested in which the addition of invested amount will be equal to $4000$.

– Form the system of equations by using the bases 

Use the provided variables and obtained bases form both of the equations.

$6.5s-8d=297.50$

$s+d=4000$

Step 3- Make the conclusion

As the obtained system of equations is representing the values that are in provided information which means that the obtained equations are the required equations.