Jane invests $40,000 received as an inheritance in three parts. With one part she buys mutual funds
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Jane invests $40,000 received as an inheritance in three parts. With one part she buys mutual funds that offer a return of 2% per year. The second part, which amounts to twice the first, is used to buy government bonds paying 2.5% per year. She puts the rest of the money into a savings account that pays 1.25% annual interest. During the first year, the total interest is $825. How much did she invest at each rate?
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Related Book For
College Algebra
ISBN: 978-0134697024
12th edition
Authors: Margaret L. Lial, John Hornsby, David I. Schneider, Callie Daniels
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