SOLUTION: Orlando Salavarrio, a financial planner, recommended that 20% of a client's investment be placed in a 4% annual simple interest tax-free account, 50% be placed in 7% certificates o
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Question 1122575: Orlando Salavarrio, a financial planner, recommended that 20% of a client's investment be placed in a 4% annual simple interest tax-free account, 50% be placed in 7% certificates of deposit, and the remainder be placed in a 9% high-risk investment. The total interest earned from the investments would be $6300. Find the total amount to be invested.
Answer by greenestamps(13200) (Show Source): You can put this solution on YOUR website!
Let the amount invested be x.
The total interest earned, $6300, is
(1) 4% of the 20% of x: (.04)(.20)(x); plus
(2) 7% of the 50% of x: (.07)(.50)(x); plus
(3) 9% of the 30% of x: (.09)(.30)(x)
The equation is easily solved to find the answer.
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