Pierre inherited $222,500 from his uncle and decided to invest the money. He put part of the money in a money market account that earns 3.5% simple interest. The remaining money was invested in a stock that returned 4% in the first year and a mutual fund that lost 2% in the first year. He invested $10,000 more in the stock than in the mutual fund, and his net gain for 1 yr was $2550. Determine the amount invested in each account. Pierre invested S in the money market account, in the stock, and S in the mutual fund. X 3
Pierre inherited $222,500 from his uncle and decided to invest the money. He put part of the money in a money market account that earns 3.5% simple interest. The remaining money was invested in a stock that returned 4% in the first year and a mutual fund that lost 2% in the first year. He invested $10,000 more in the stock than in the mutual fund, and his net gain for 1 yr was $2550. Determine the amount invested in each account. Pierre invested S in the money market account, in the stock, and S in the mutual fund. X 3
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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Transcribed Image Text:Pierre inherited $222,500 from his uncle and decided to invest the money. He put part of the money in a money market account that earns 3.5% simple
interest. The remaining money was invested in a stock that returned 4% in the first year and a mutual fund that lost 2% in the first year. He invested $10,000
more in the stock than in the mutual fund, and his net gain for 1 yr was $2550. Determine the amount invested in each account.
Pierre invested S in the money market account, $
in the stock, and $
in the mutual fund.
X
Ś
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