The annual returns on Jose's three investments amounted to $21,600: 6% on a savings account, 8% on mutual funds, and 12% on bonds. The amount of Jose's investments in bonds was twice the amount of his investment in the savings account, and the interest earned from his investment in bonds was equal to the dividends (return) he received from his investment in mutual funds. Find how much money he placed in each type of investment.

The annual returns on Jose's three investments amounted to $21,600: 6% on a savings account, 8% on mutual funds, and 12% on bonds. The amount of Jose's investments in bonds was twice the amount of his investment in the savings account, and the interest earned from his investment in bonds was equal to the dividends (return) he received from his investment in mutual funds. Find how much money he placed in each type of investment.

Essentials of Business Analytics (MindTap Course List)

2nd Edition

ISBN:9781305627734

Author:Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson

Publisher:Jeffrey D. Camm, James J. Cochran, Michael J. Fry, Jeffrey W. Ohlmann, David R. Anderson

Chapter2: Descriptive Statistics

Section: Chapter Questions

Problem 17P: Suppose that you initially invested 10,000 in the Stivers mutual fund and 5,000 in the Trippi mutual...

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