Alan invests a total of $14,500 in three different ways. He invests one part in a mutual fund which in the first year has a return of 11%. He invests the second part in a government bond at 7% per year. The third part he puts in the bank at 5% per year. He invests twice as much in the mutual fund as in the bank. The first year Alan's investments bring a total return of $1,165. How much did he invest in each way?

Alan invests a total of $14,500 in three different ways. He invests one part in a mutual fund which in the first year has a return of 11%. He invests the second part in a government bond at 7% per year. The third part he puts in the bank at 5% per year. He invests twice as much in the mutual fund as in the bank. The first year Alan's investments bring a total return of $1,165. How much did he invest in each way?

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter13: Investing In Mutual Funds, Etfs, And Real Estate

Section: Chapter Questions

Problem 7FPE

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