Answer:
Ed Moura invest $64000 in certificates of deposit paying 3%
Step-by-step explanation:
Ed Moura has $32000 invested in stocks paying 6%.
Additional money in certificates of deposit paying 3% =x
so that the average return on the two investments is 4%.
32000*6% +3%*x = 4%(32000+x)
32000*0.06 +0.03*x = 0.04(32000+ x)
1920 + 0.03x = 1280 +0 .04x
1920 - 1280 = 0.04x - 0.03x
0.01x = 640
x = 64000
x = $64000
x= $64000 in certificates of deposit paying 3%
Thank you.
