You have $750,000 in an IRA (Individual Retirement Account) at the time you retire. You have the option of investing this money in two funds: Fund A pays 1.6% annually and Fund B pays 6.6% annually. How should you divide your money between Fund A and Fund B to produce an annual interest income of $41,500

you need to invest $160,000 in fund A and $590,000 in fund B

Explanation:

you have to solve the following equations:

0.016A + 0.066B = $41,500

A + B = $750,000

where:

A = amount invested in fund A

B = amount invested in fund B

A = $750,000 - B

0.016 ($750,000 - B) + 0.066B = $41,500

$12,000 - 0.016B + 0.066B = $41,500

0.05B = $29,500

B = $29,500 / 0.05 = $590,000

A = $750,000 - $590,000 = $160,000

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(b) management: leadership

if you use only 25 for your entertainment and only 200 for the groceries that you really need and take out the 50 per month for the computer then that should be enough