You have $37,000 you would like to invest in two different stocks, Stock Boll and Stock Coff. The buying limit on Stock Coff is $12,900 and you want to spend at least two times as much money on Stock Boll as Stock Coff. If Stock Boll earns 5% annual interest and Stock Coff earns 4% annual interest, how much money (in dollars) should you invest in each stock to maximize your annual interest earned? What is the maximum annual interest (in dollars)?
You have $37,000 you would like to invest in two different stocks, Stock Boll and Stock Coff. The buying limit on Stock Coff is $12,900 and you want to spend at least two times as much money on Stock Boll as Stock Coff. If Stock Boll earns 5% annual interest and Stock Coff earns 4% annual interest, how much money (in dollars) should you invest in each stock to maximize your annual interest earned? What is the maximum annual interest (in dollars)?
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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Question
You have $37,000 you would like to invest in two different stocks, Stock Boll and Stock Coff. The buying limit on Stock Coff is $12,900 and you want to spend at least two times as much money on Stock Boll as Stock Coff.
If Stock Boll earns 5% annual interest and Stock Coff earns 4% annual interest, how much money (in dollars) should you invest in each stock to maximize your annual interest earned? What is the maximum annual interest (in dollars)?
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