Answer:
- mutual fund: $9000
- CDs: $71000
- return: $6220, an average of 7.775%
Step-by-step explanation:
Since the mutual fund is the lower yield vehicle, only the minimum should be invested there.
The investments and returns should be ...
mutual fund: $9000, return = 6% × $9000 = $540
CD: $71000, return = 8% × $71000 = $5680
The maximum return is ...
$540 +5680 = $6220