Homework Help: College Math

Posted by Karen on Thursday, September 1, 2011 at 9:12am.

Ed Moura has $29,000 invested in stocks paying 5%. How much additional money should he invest in certificates of deposit paying 2% so that the average return on the two investments is 3%?

College Math - bobpursley, Thursday, September 1, 2011 at 10:04am
return=sum of two returns
.03(29000+Y)=.05(29,000)+.2(Y)

solve for Y.
check my thinking.

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