SOLUTION: Joe has $40,000 to invest. He invests part of it at 5%, one-fourth of this amount at 6%, and the rest of the money at 7%. His total annual interest income is $2,530. Find the am

Question 30970: Joe has $40,000 to invest. He invests part of it at 5%, one-fourth of this amount at 6%, and the rest of the money at 7%. His total annual interest income is $2,530. Find the amount invested at each rate.
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!

note that (5/4)*x is (1 + 1/4)*x or x + (1/4)*x which is the amounts
that are NOT invested at 7%, so 40000 - (5/4)*x is the amount invested
at 7%

check

OK

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