Advanced Engineering Mathematics
10th Edition
ISBN: 9780470458365
Author: Erwin Kreyszig
Publisher: Wiley, John & Sons, Incorporated
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Transcribed Image Text:You have $250,000 in an IRA (Individual Retirement Account) at the time you retire. You have the option of investing this money in two funds: Fund A pays 4.6% annually and Fund B
pays 7.1% annually. How should you divide your money between Fund A and Fund B to produce an annual interest income of $13,250?
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Given that we have $250,000 in an IRA (Individual Retirement Account) at the time of retire. Investing this money in two funds: Fund A pays 4.6% annually and Fund B pays 7.1% annually. Divide the money between Fund A and Fund B to produce an annual interest income of $13,250.
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