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
Algebra ->
Finance
-> 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
Log On
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%
