An investor has $70,000 to invest in a CD and a mutual fund. The CD yields 8% and the mutual fund yields 7%. The mutual fund requires a minimum investment of $9,000, and the investor requires that at least twice as much should be invested in CDs as in the mutual fund. How much should be invested in CDs and how much in the mutual fund to maximize thereturn? What is the maximumreturn?

To maximizeincome, the investor should place $__ in CDs and $__ in the mutual fund. (Round to the nearest dollar asneeded.)

The maximum return is $__. (Round to the nearest dollar asneeded.)