Answer:
Julie invested $ 25,000 at 7%, $ 20,000 at 6%, and $ 35,000 at 5%.
Step-by-step explanation:
Given that Julie has $ 80,000 to invest, and she invests part at 5%, one fourth this amount at 6%, and the balance 7%, knowing that her total annual income from interest is $ 4,700, to find the amount invested at each rate se you must perform the following calculation:
80,000 / 4 = 20,000
20,000 x 0.06 = 1,200
4,700 - 1,200 = 3,500
60,000 x 0.07 + 0 x 0.05 = 4,200
50,000 x 0.07 + 10,000 x 0.05 = 4,000
40,000 x 0.07 + 20,000 x 0.05 = 3,800
30,000 x 0.07 + 20,000 x 0.05 = 3,600
25,000 x 0.07 + 35,000 x 0.05 = 3,500
Thus, Julie invested $ 25,000 at 7%, $ 20,000 at 6%, and $ 35,000 at 5%.
