Calvin wants to invest $16,000 in certificates of deposit. He wants the total interest of the deposits to be $900 for the first year. He wants to put $1000 more in a 2-year certificate of deposit than in a 1-year certiciate and invest the rest in a 3-
year certificate. How much money should he invest in each certificate of deposit?
1
Number of Years
Rate
2
5.0%
3
6.0%
2.0%
a 1-year: $ 500, 2-year: $1500, 3-year: $14000
b. 1-year: $1000, 2-year: $2000, 3-year: $13000
C. 1-year: $2000, 2-year: $3000, 3-year: $11000
d. 1-year: $4000, 2-year: $5000, 3-year: $ 7000