To save for the purchase of a new car, a deposit was made into an account that earns 8% annual simple interest. another deposit, $1700 less than the first deposit, was placed in a certificate of deposit (cd) earning 12% annual simple interest. the total interest earned on both accounts for 1 year was $676. how much money was deposited in the cd?
$

The amount deposited in CD is $660

Given that , To save for the purchase of a new car, a deposit was made into an account that earns 8% annual simple interest.  

Let the amount deposited in new car be $ n

Another deposit, $1700 less than the first deposit, was placed in a certificate of deposit (CD) earning 12% annual simple interest.  

Then, amount deposited in CD will be $ (n – 1700)

The total interest earned on both accounts for 1 year was $676

The simple interest is given as:

Simple interest for purchase of new car:

Simple interest for CD:

Now, given that S.I for new car + S.I for CD = 676

20n = 67600 – 20400

n = 2360

So money deposited in CD = n - 1700 = 2360 – 1700 = 660

Hence, the CD deposit amount is $660

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