Clayton is planning to invest up to $40,000 in corporate and municipal bonds. The least he is
Question:
Clayton is planning to invest up to $40,000 in corporate and municipal bonds. The least he is allowed to invest in corporate bonds is $6000, and he does not want to invest more than $22,000 in corporate bonds. He also does not want to invest more than $30,000 in municipal bonds. The interest is 8% on corporate bonds and 7 1/2 % on municipal bonds. This is simple interest for one year. How much should he invest in each type of bond in order to maximize his income? What is the maximum income?
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