A student wants to average a 6.4% return by investing $40,000 in the three stocks listed in Illustration. Because HiTech is a high-risk investment, he wants to invest three times as much in SaveTel and OilCo combined as he invests in HiTech. How much should he invest in each stock?
StockRate of returnHiTech10%SaveTel5%OilCo6%?
A. $24,000 in HiTech, $10,000 in SaveTel, $6,000 in OilCo
B. $24,000 in HiTech, $6,000 in SaveTel, $10,000 in OilCo
C. $6,000 in HiTech, $24,000 in SaveTel, $10,000 in OilCo
D. $10,000 in HiTech, $24,000 in SaveTel, $6,000 in OilCo
E. $6,000 in HiTech, $10,000 in SaveTel, $24,000 in OilCo
Answer: D
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