Alan invests a total of $11,000 in three different ways. He invests one part in a mutual fund which in the first year has a return of 11%. He invests the second part in a government bond at 7% per year. The third part he puts in the bank at 5% per year. He invests twice as much in the mutual fund as in the bank. The first year Alan's investments bring a total return of $890. How much did he invest in each way?
Alan invests a total of $11,000 in three different ways. He invests one part in a mutual fund which in the first year has a return of 11%. He invests the second part in a government bond at 7% per year. The third part he puts in the bank at 5% per year. He invests twice as much in the mutual fund as in the bank. The first year Alan's investments bring a total return of $890. How much did he invest in each way?
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Alan invests a total of $11,000 in three different ways. He invests one part in a mutual fund which in the first year has a return of 11%. He invests the second part in a government bond at 7% per year. The third part he puts in the bank at 5% per year. He invests twice as much in the mutual fund as in the bank. The first year Alan's investments bring a total return of $890. How much did he invest in each way?
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