Business Solve the following investment problems. (See Example.)
Suppose $20,000 is invested at 5%. How much additional money must be invested at 4% to produce a yield of 4.8% on the entire amount invested?
Example
Finance A fi nancial manager has $15,000 to invest for her company. She plans to invest part of the money in tax-free bonds at 5% interest and the remainder in taxable bonds at 8%. She wants to earn $1020 per year in interest from the investments. Find the amount she should invest at each rate.
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