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Investor Matt has $830,000 to invest in a CD and a mutual fund. The CD yields 3.3% and the mutual fund yields an average of 3.5%. The mutual fund requires a minimum investment of $16,000, and Matt requires that at least 3 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 O if no investment can be made satisfying the requirements. $ Round to the nearest cent.

Investor Matt has $830,000 to invest in a CD and a mutual fund. The CD yields 3.3% and the mutual fund yields an average of 3.5%. The mutual fund requires a minimum investment of $16,000, and Matt requires that at least 3 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 O if no investment can be made satisfying the requirements. $ Round to the nearest cent.

Algebra and Trigonometry (6th Edition)
Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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**Investment Allocation Problem** Investor Matt has $830,000 to invest in a CD and a mutual fund. The CD yields 3.3% and the mutual fund yields an average of 3.5%. The mutual fund requires a minimum investment of $16,000, and Matt requires that at least 3 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. $ ___________. Round to the nearest cent.
Transcribed Image Text:**Investment Allocation Problem** Investor Matt has $830,000 to invest in a CD and a mutual fund. The CD yields 3.3% and the mutual fund yields an average of 3.5%. The mutual fund requires a minimum investment of $16,000, and Matt requires that at least 3 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. $ ___________. Round to the nearest cent.
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