SOLUTION: Ed Moura has $33000 invested in stocks paying 5%. How much additional money should he invest in certificates of deposit paying 2% so that the average return on the two investments
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Question 860537: Ed Moura has $33000 invested in stocks paying 5%. How much additional money should he invest in certificates of deposit paying 2% so that the average return on the two investments is 3%?
He should invest $__ in certificates of deposit. Answer by mananth(16946) (Show Source):
You can put this solution on YOUR website! d Moura has $33000 invested in stocks paying 5%.
additional money in certificates of deposit paying 2% =x
so that the average return on the two investments is 3%?
33000*5% +2%x = 3%(33000+x)
multiply by 100
165000 +2x=99000+3x
66000 = 3x-2x
x= $66000 in certificates of deposit paying 2%
