Shoemacher has $20,000 to invest in two types of mutual funds: a High-Yield Fund and an Equity Fund. The High-Yield fund has an annual yield of 12%, while the Equity fund earns 8%. He would like to invest at least $3000 in the High-Yield fund and at least $4000 in the Equity fund. How much should he invest in each to maximize his annual yield, and what is the maximum yield?

Question

03-05-2021
Business

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Shoemacher has $20,000 to invest in two types of mutual funds: a High-Yield Fund and an Equity Fund. The High-Yield fund has an annual yield of 12%, while the Equity fund earns 8%. He would like to invest at least $3000 in the High-Yield fund and at least $4000 in the Equity fund. How much should he invest in each to maximize his annual yield, and what is the maximum yield?

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