FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Ali invested $ 12,000 for different funds having 3%, 4%, and 7% annual interest for the money-market fund, municipal bonds, and mutual funds, respectively. Furthermore,

Ali invested $ 12,000 for different funds having 3%, 4%, and 7% annual interest for the money-market fund, municipal bonds, and mutual funds, respectively. Furthermore, he invested $ 4,000 more for mutual funds than municipal bonds, and in one-year total earned interest is $ 670. How much did he invest in each type of fund?  Model the system and solve the system using Cramer Rule.

Step by Step Solution

★★★★★

3.31 Rating (154 Votes )

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Elementary Statistics A Step By Step Approach

Elementary Statistics A Step By Step Approach

Authors: Allan Bluman

8th Edition

73386103, 978-0073386102

More Books

Students also viewed these Mathematics questions

Question

★★★★★
How did competition from money market mutual funds affect traditional savings institutions that provided mortgages at fixed interest rates? Beginning in 1981, plot the ratio of retail money market...

Answered: 1 week ago

Question

★★★★★
The Aqua Liquid Assets Money Market Mutual Fund has a NAV of $1 per share. During the year, the assets held by this fund appreciated by 5.2 percent. If you had invested $20,000 in this fund at the...

Answered: 1 week ago

Question

★★★★★
How much more money is required to fund an ordinary perpetuity than a 25-year ordinary annuity, if the funds can earn 7% compounded quarterly, and both pay $500 monthly?

Answered: 1 week ago

Question

★★★★★
Which statements about try-with-resources are true? (Choose two.) A. Any resource used must implement Closeable. B. If more than one resource is used, then the order in which they are closed is the...

Answered: 1 week ago

Question

★★★★★
Because of the amount of handling that occurs during material production, within warehouses, and during manufacturing operations, along with the handling of loading, unloading, and shipping, material...

Answered: 1 week ago

Question

★★★★★
9. How much variation in driving errors is accounted for by the interaction between CARBUS and AREA? (a) 93% (b) 5.2% (c) 60.7% (d) 65.9%

Answered: 1 week ago

Question

★★★★★
Discuss brief psychodynamic psychotherapy approaches.

Answered: 1 week ago

Question

★★★★★
Prepare the monthly income statement, monthly statement of owners equity, and the balance sheet at August 31, 2014, for Krishna Cleaning Company from the data provided in the adjusted trial balance...

Answered: 1 week ago

Question

★★★★★
The Copper Mountain Group, a private equity firm headquartered in Boulder, Colorado borrows pound 5, 400,000 for one year at 8.875% interest. a. What is the dollar cost of this debt if the pound...

Answered: 1 week ago

Question

★★★★★
Hemming Company reported the following current-year purchases and sales for its only product. Date Activities January 11 Beginning inventory. January 10 Sales March 14 March 151 July 30 October 5...

Answered: 1 week ago

Question

★★★★★
Question 1: American Technology Company (ATC) is developing a new camera/security home system to compete with other security systems in the industry. The company will sell the cameras to wholesalers...

Answered: 1 week ago

Question

★★★★★
Perform a Porter's 5 forces analysis of the following industry. Provide detailed answer. (25 marks) The Textile Industry The textile industry consists of firms that manufacture and distribute fabrics...

Answered: 1 week ago

Question

★★★★★
1. If you are Maria's counselor and you practice feminist therapy, what are the techniques would you follow to facilitate her growth? 2. Maria considers how the messages she received about what men...

Answered: 1 week ago

Question

★★★★★
While Walter says that he cares about his employees, he interrupts them every time they need to talk to him about something and brings the conversation around to his own contributions. This is an...

Answered: 1 week ago

Question

★★★★★
A potential client has seen a demo of watsonx.governance and is looking for something a bit more in-depth, lasting about four hours, and delivered onsite. What would you recommend for them? An Expert...

Answered: 1 week ago

Question

★★★★★
Astro Corporation was started with the issue of 2,000 shares of $5 par stock for cash on January 1, Year 1. The stock was issued at a market price of $12 per share. During Year 1, the company earned...

Answered: 1 week ago

Question

★★★★★
The management of Truelove Corporation is considering a project that would require an initial investment of $329,030 and would last for 7 years. The annual net operating income from the project would...

Answered: 1 week ago

Question

★★★★★
What is the mode?

Answered: 1 week ago

Question

★★★★★
Which score indicates the highest relative position? a. A score of 3.2 on a test with = 4.6 and s = 1.5 b. A score of 630 on a test with = 800 and s = 200 c. A score of 43 on a test with = 50 and s...

Answered: 1 week ago

Question

★★★★★
A study found that 73% of prekindergarten children ages 3 to 5 whose mothers had a bachelors degree or higher were enrolled in center-based early childhood care and education programs. How large a...

Answered: 1 week ago

Question

★★★★★
The probabilities that a customer selects 1, 2, 3, 4, and 5 items at a convenience store are 0.32, 0.12, 0.23, 0.18, and 0.15, respectively.

Answered: 1 week ago

Question

★★★★★
=+18. Determine the confidence level for each of the following large-sample one-sided confidence bounds: a. Upper bound: x 1 .84sy1n b. Lower bound: x 2 2.05sy1n c. Upper bound: x 1 .67sy1n

Answered: 1 week ago

Question

★★★★★
=+of a 95% confidence level: Add 2 to both the number of successes and the number of failures and then use the traditional formula. Do this for the data described in this exercise, and compare the...

Answered: 1 week ago

Question

★★★★★
=+b. Suppose the investigators had made a rough guess of 320 for the value of s before collecting data. What sample size would be necessary to obtain an interval width of 50 ml for a confidence level...

Answered: 1 week ago

Previous Question Next Question