Investment Portfolio. Danny and Paula decide to invest
Chapter 9, Problem 28(choose chapter or problem)
Investment Portfolio. Danny and Paula decide to invest $20,000 of their savings. They put some in an IRA account earning 4.5% interest, some in a mutual fund that has been averaging 8% a year, and some in a stock that earned 12% last year. If they put $4000 more in the IRA than in the mutual fund and the mutual fund and stock have the same growth in the next year as they did in the previous year, they will earn $1525 in a year. How much money did they put in each of the three investments?
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