In a certain conservative mutual fund, 60 percent of the money is invested in bonds, and of that portion, 40 percent is invested in highly rated corporate bonds. If at least $2.4 million in this fund is invested in highly rated corporate bonds, what is the smallest possible total value for the mutual fund?
Pick: A) 12 million B) 10 million C) 14 million D) 16 million E) 18 million
Let x be the total money or value of the mutual fund.   Money in bonds=0.6x   Money in highly rated corporate bond= 0.4*0.6= 
<gadget id="calculator">0.4*0.6</gadget>
<output>0.24</output>
0.24x   0.24x &gt; 2.4m   x &gt; 2.4m/0.24 ; x &gt; 10m   so x &gt; 10m   Smallest value is $10 million.   Answer : 10 million
<result>B</result>
In a certain conservative mutual fund, 60 percent of the money is invested in bonds, and of that portion, 40 percent is invested in highly rated corporate bonds. If at least $2.4 million in this fund is invested in highly rated corporate bonds, what is the smallest possible total value for the mutual fund?