Steve has $25,000 to invest and wishes to earn an overall annual rate of return of 8%. His financial advisor recommends that he
invest some of the money in a 5-year CD paying 4% per annum and the rest in a corporate bond paying 9% per annum. How much should Steve place in each investment in order to achieve his goal?
If you can solve this, can you please show your work and explain what I need to plug in where, and what equation I need to use? This is so confusing.
If you can solve this, can you please show your work and explain what I need to plug in where, and what equation I need to use? This is so confusing.
1 answer:
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