You invested money in two funds. Last year, the first fund paid a dividend of 9% and the second a dividend of 3%, and you received a total of $1,047.This year, the first fund paid a 10% dividend and the second only 1%, and you received a total of $874. How much money did you invest in each fund?
You invested money in two funds. Last year, the first fund paid a dividend of 9% and the second a dividend of 3%, and you received a total of $1,047.This year, the first fund paid a 10% dividend and the second only 1%, and you received a total of $874. How much money did you invest in each fund?
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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You invested money in two funds. Last year, the first fund paid a dividend of 9% and the second a dividend of 3%, and you received a total of $1,047.This year, the first fund paid a 10% dividend and the second only 1%, and you received a total of $874. How much money did you invest in each fund?
Things did not go quite as planned. You invested $20,680, part of it in a stock that paid 12% annual interest. However, the rest of the money suffered a 5% loss. If the total annual income from both investments was $2060, how much was invested at each rate?
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