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Investor Matt has $830,000 to invest in a CD and a mutual fund. The CD yields 3.3% and the mutual fund yields an average of 3.5%. The mutual fund requires a minimum investment of $16,000, and Matt requires that at least 3 times as much money be invested in the CD as in the mutual fund. You must invest in order to maximize his return. What is the maximum return? Enter O if no investment can be made satisfying the requirements. $ Round to the nearest cent.

Investor Matt has $830,000 to invest in a CD and a mutual fund. The CD yields 3.3% and the mutual fund yields an average of 3.5%. The mutual fund requires a minimum investment of $16,000, and Matt requires that at least 3 times as much money be invested in the CD as in the mutual fund. You must invest in order to maximize his return. What is the maximum return? Enter O if no investment can be made satisfying the requirements. $ Round to the nearest cent.

College Algebra (MindTap Course List)
College Algebra (MindTap Course List)
12th Edition
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:R. David Gustafson, Jeff Hughes
Chapter6: Linear Systems
Section6.8: Linear Programming
Problem 40E
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Investor Matt has $830,000 to invest in a CD and a mutual fund. The CD yields 3.3% and the mutual fund yields an average of 3.5%. The mutual fund requires a minimum investment of $16,000, and Matt requires that at least 3 times as much money be invested in the CD as in the mutual fund. You must invest in order to maximize his return. What is the maximum return? Enter O if no investment can be made satisfying the requirements. Round to the nearest cent. LA
Transcribed Image Text:Investor Matt has $830,000 to invest in a CD and a mutual fund. The CD yields 3.3% and the mutual fund yields an average of 3.5%. The mutual fund requires a minimum investment of $16,000, and Matt requires that at least 3 times as much money be invested in the CD as in the mutual fund. You must invest in order to maximize his return. What is the maximum return? Enter O if no investment can be made satisfying the requirements. Round to the nearest cent. LA
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