Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

One safe investment pays 8% per year, and a more risky investment pays 14% per year.a. How much must be invested in each account if

image text in transcribed
image text in transcribed

One safe investment pays 8% per year, and a more risky investment pays 14% per year.a. How much must be invested in each account if an investor of $94,000 would like a return of $8,780 per year?b. Why might the investor use two accounts rather than put all the money in the 14% investment?a. is invested in the 8% account.

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

Precalculus

Authors: Braja M Das, David Cohen, Theodore B Lee, David Sklar

7th Edition

1133386482, 9781133386483

More Books

Students also viewed these Mathematics questions

Question

Find f'(x) If it is known that d/dx [f(2x)] = x2

Answered: 1 week ago

Question

How has health psychology expanded into traditional health fields?

Answered: 1 week ago