2. Students were asked to formulate the system of equations needed to solve the following problem: Bob and June have $100,000 that they wish to invest in three different stock funds. Fund A has a rate of return of 12% / year. Fund B has a rate of return of 9% / year. Fund C has a rate of return of 7%/year. Bob insists that they invest twice as much in Fund B as in Fund C and June says, "I'm okay with that but I want a return of $9,000/year on the total investment." How much do Bob and June need to invest in each fund? Several students wrote the following and it was marked incorrect: Let x = amount invested in Fund A, y = amount invested in Fund B, z = amount invested in Fund C x+y+z=9,000 2y=z 0.12x+0.09y+0.07z=100,000 Cross out the mistakes and make corrections. You do not need to solve the system of equations.
2. Students were asked to formulate the system of equations needed to solve the following problem: Bob and June have $100,000 that they wish to invest in three different stock funds. Fund A has a rate of return of 12% / year. Fund B has a rate of return of 9% / year. Fund C has a rate of return of 7%/year. Bob insists that they invest twice as much in Fund B as in Fund C and June says, "I'm okay with that but I want a return of $9,000/year on the total investment." How much do Bob and June need to invest in each fund? Several students wrote the following and it was marked incorrect: Let x = amount invested in Fund A, y = amount invested in Fund B, z = amount invested in Fund C x+y+z=9,000 2y=z 0.12x+0.09y+0.07z=100,000 Cross out the mistakes and make corrections. You do not need to solve the system of equations.
Algebra for College Students
10th Edition
ISBN:9781285195780
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter14: Sequences And Mathematical Induction
Section14.3: Another Look At Problem Solving
Problem 29PS
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