Answer:
$3220
Step-by-step explanation:
A man invests $1000 in a 12-month certificate of deposit paying 8% interest.
So, after 1 year his money will become from the certificate deposit = $[tex]1000( 1+ \frac{8}{100} ) = 1080[/tex]
Again the man invest $2000 in municipal bonds that pays 7% a year.
So, after 1 year his money will become from the municipal bond = $[tex]2000( 1+ \frac{7}{100} ) = 2140[/tex]
Therefore, total yearly return from both the above investment will be $[(1080 + 2140) -(1000 + 2000)] = $220 (Answer)
