Answered step by step
Verified Expert Solution
Question
1 Approved Answer
A man invested three times as much money in a bond fund that earned 8% in a year as he did in a mutual fund
A man invested three times as much money in a bond fund that earned 8% in a year as he did in a mutual fund that returned 4% in the year. How much money did he invest in each fund if the total earning for the year were $112?
He invest $__________ in the bond and $_____________ in the mutual fund.
(When put answer, don't put comma within numbers, for example, if the answer is "$100,000", type "100000".)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started