Question

A person invested $7000 for 1 year, part at 5%, part at 10%, and the remainder at 15%. The total annual income from these investments was $815. The amount of money invested at 15% was $200 more than the amount invested at 5% and 10% combined. Find the amount invested at each rate

Answer 1

The amount invested at 5% and 10% is $2266.67, and the amount invested at 15% is $2466.67.

Step-by-step explanation:

Let x be the amount invested at 5% and 10%. Since the amount invested at 15% is $200 more than the amount invested at 5% and 10% combined, we have:

Amount invested at 15% = 2x + 200

The total amount invested is $7000, so we have:

x + (2x + 200) = 7000

Combining like terms, we get:

3x + 200 = 7000

Subtracting 200 from both sides, we get:

3x = 6800

Dividing by 3, we get:

x = 2266.67

Therefore, the amount invested at 5% and 10% is $2266.67, and the amount invested at 15% is $2266.67 + $200 = $2466.67.