Mark has $100,000 to invest. His financial consultant advises him to diversify his investment in 3 bonds: short term, intermediate term, and long term. The short term bonds pay 5%, The intermediate term bonds pay 6%, and the long term bonds pay 7% simple interest per year. Mark wishes to realize a total of 6.1%, with equal amounts invested in short and intermediate term bonds. How much should he invest in each type of bond?
Mark has $100,000 to invest. His financial consultant advises him to diversify his investment in 3 bonds: short term, intermediate term, and long term. The short term bonds pay 5%, The intermediate term bonds pay 6%, and the long term bonds pay 7% simple interest per year. Mark wishes to realize a total of 6.1%, with equal amounts invested in short and intermediate term bonds. How much should he invest in each type of bond?
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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Mark has $100,000 to invest. His financial consultant advises him to diversify his investment in 3 bonds: short term, intermediate term, and long term. The short term bonds pay 5%, The intermediate term bonds pay 6%, and the long term bonds pay 7% simple interest per year. Mark wishes to realize a total of 6.1%, with equal amounts invested in short and intermediate term bonds. How much should he invest in each type of bond?
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