Investor Matt has $597,000 to invest in a CD and a mutual fund. The CD yields 7.9% and the mutual fund yields an average of 7.4%. The mutual fund requires a minimum investment of $19,000, and Matt requires that at least 4 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 0 if no investment can be made satisfying the requirements.
Investor Matt has $597,000 to invest in a CD and a mutual fund. The CD yields 7.9% and the mutual fund yields an average of 7.4%. The mutual fund requires a minimum investment of $19,000, and Matt requires that at least 4 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 0 if no investment can be made satisfying the requirements.
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Investor Matt has $597,000 to invest in a CD and a mutual fund. The CD yields 7.9% and the mutual fund yields an average of 7.4%. The mutual fund requires a minimum investment of $19,000, and Matt requires that at least 4 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 0 if no investment can be made satisfying the requirements.
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