SOLUTION: Jerry and Lucy Keefe have $30,000 invested in stocks paying 5%. How much additional money should they invest in certificates of deposit paying 2% so that the total return on the tw

Question 176678: Jerry and Lucy Keefe have $30,000 invested in stocks paying 5%. How much additional money should they invest in certificates of deposit paying 2% so that the total return on the two investments is 3%?
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!
Let = the amount they should invest in cd's
Return from stocks @ 5%

Return from cd's @ 2%

Total return needs to be 3% of

They should invest $60,000 in cd's @ 2%

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