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Pierre inherited $440,000 from his uncle and decided to invest the money. He put part of the money in a money market account that
Pierre inherited $440,000 from his uncle and decided to invest the money. He put part of the money in a money market account that earns 2.5% simple interest. The remaining money was invested in a stock that returned 3% in the first year and a mutual fund that lost 2% in the first year. He invested $10,000 more in the stock than in th mutual fund, and his net gain for 1 yr was $2500. Determine the amount invested in each account.
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