Problem #8

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

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