Ed Moura has $34000 invested in stocks paying 8%. 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.

Ed Moura has $34000 invested in stocks paying 8%. 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.

College Algebra

7th Edition

ISBN:9781305115545

Author:James Stewart, Lothar Redlin, Saleem Watson

Publisher:James Stewart, Lothar Redlin, Saleem Watson

ChapterP: Prerequisites

Section: Chapter Questions

Problem 132E

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Question

Ed Moura has $34000 invested in stocks paying 8%. 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.

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