Investor Dan has $598,000 to invest in a CD and a mutual fund. The CD yields 6.2% and the mutual fund yields an average of 4.5%. The mutual fund requires a minimum investment of $18,000, and Dan requires that at least 4 times as much money be invested in the CD as in the mutual fund. You must invest in order to maximize his return. How much should you invest in the CD? Enter 0 if no investment can be made satisfying the requirements.

Investor Dan has $598,000 to invest in a CD and a mutual fund. The CD yields 6.2% and the mutual fund yields an average of 4.5%. The mutual fund requires a minimum investment of $18,000, and Dan requires that at least 4 times as much money be invested in the CD as in the mutual fund. You must invest in order to maximize his return. How much should you invest in the CD? Enter 0 if no investment can be made satisfying the requirements.

Algebra & Trigonometry with Analytic Geometry

13th Edition

ISBN:9781133382119

Author:Swokowski

Publisher:Swokowski

Chapter2: Equations And Inequalities

Section: Chapter Questions

Problem 62RE

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