Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Erin invests $3750 spread across three funds; Fund A, Fund B, and Fund C. Over the course of the following year, Fund A earned a

Erin invests $3750 spread across three funds; Fund A, Fund B, and Fund C. Over the course of the following year,

Fund A earned a 3% return, Fund B earned a 8% return, and Fund C earned a 9% return. The annual return for Fund

A(in dollars) was equal to %20 of the total return from all three funds fir the year. The amount invested in Fund B was equal to 1.2 times the amount invested in Fund C.

a) Set up a system of equations that you can use to find the amounts invested in each of the three funds. Clearly indicate what any variables in your system represent.

b) Solve the system you set up in Part (a) using the rref calculator function. State your answer, along with a short explanation of what each of the numbers mean.

Step by Step Solution

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

Finance For Housing An Introduction

Authors: Cathy Davis

1st Edition

1447306481, 978-1447306481

More Books

Students also viewed these Finance questions