Tara talks Lamar into putting less money in the money market and more money in the stock
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Question:
Tara talks Lamar into putting less money in the money market and more money in the stock (see Exercise 41). They place $20,000 of their savings into investments. They put some in a money market account earning 3% interest, some in a mutual fund that has been averaging 7% a year, and some in a stock that rose 10% last year. If they put $6000 more in the stock than in the mutual fund and the mutual fund and stock experience the same growth the next year as they did the previous year, they will earn $1680 in a year. How much money did Tara and Lamar put in each of the three investments?
Related Book For
Fundamentals Of Electric Circuits
ISBN: 9780073301150
3rd Edition
Authors: Matthew Sadiku, Charles Alexander
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