Steve, a recent retiree, requires $5000 per year in extra income. He has $70,000 to invest and
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Steve, a recent retiree, requires $5000 per year in extra income. He has $70,000 to invest and can invest in A-rated bonds paying 8% per year or in a certificate of deposit (CD) paying 5% per year. How much money should be invested in each to realize exactly $5000 in interest per year?
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Let x represent the amount of money invested in bonds Then 70000x re...View the full answer
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Cyrus Sandoval
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