
College Algebra in Context with Applications for the Managerial, Life, and Social Sciences 3rd Edition by Ronald J Harshbarger, Lisa Yocco
Edition 3ISBN: 032157060X
College Algebra in Context with Applications for the Managerial, Life, and Social Sciences 3rd Edition by Ronald J Harshbarger, Lisa Yocco
Edition 3ISBN: 032157060X Exercise 50
Step-by-step solution
Step 1 of 2
Assume that a woman invests $x in the mutual fund that averages 10% per year.
Since, she invests only in two mutual funds, she invests remaining amount in another mutual fund. That is, she invests in the mutual fund that averages 14%.
The average annual return on the two mutual fund is $5720.
The annual return on the mutual funds can be calculated as follows:
Calculate x as follows:
Thus, the investment in 10% mutual fund is $36000.
Step 2 of 2
College Algebra in Context with Applications for the Managerial, Life, and Social Sciences 3rd Edition by Ronald J Harshbarger, Lisa Yocco
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