You invested money in two funds. Last year, the first fund paid a dividend of 9% and the second a dividend of 3%, and you received a total of $1,047.This year, the first fund paid a 10% dividend and the second only 1%, and you received a total of $874. How much money did you invest in each fund?
You invested money in two funds. Last year, the first fund paid a dividend of 9% and the second a dividend of 3%, and you received a total of $1,047.This year, the first fund paid a 10% dividend and the second only 1%, and you received a total of $874. How much money did you invest in each fund?
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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You invested money in two funds. Last year, the first fund paid a dividend of 9% and the second a dividend of 3%, and you received a total of $1,047.This year, the first fund paid a 10% dividend and the second only 1%, and you received a total of $874. How much money did you invest in each fund?
Things did not go quite as planned. You invested $20,680, part of it in a stock that paid 12% annual interest. However, the rest of the money suffered a 5% loss. If the total annual income from both investments was $2060, how much was invested at each rate?
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