Mathematics, 07.12.2020 01:10 jblac
The controller (money manager) for a small company puts some money in a bank account paying 4% per year. He uses some additional money, amounting to 1/3 the amount placed in the bank, to buy bonds paying 5% per year. With the balance of the funds, he buys a 10% certificate of deposit. The first year the investments bring a return of $885. If the total of the investments is $10,000 how much is invested at each rate? Suppose the condition that the amount used to buy bonds at 5% per year is equal to 1/3 of the amount placed in the bank is dropped. How is the solution changed?
Answers: 2
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