Solved: Financial Planning Steve, a recent retiree,

Chapter , Problem 86

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Financial Planning 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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