SOLUTION: Gundeep invests a total of $5000 in two
funds. One fund pays interest at 4% per year
and the second fund pays interest at 6% per
year. At the end of the year, Gundeep has
Algebra.Com
Question 724063: Gundeep invests a total of $5000 in two
funds. One fund pays interest at 4% per year
and the second fund pays interest at 6% per
year. At the end of the year, Gundeep has
earned $270 in interest. How much did
Gundeep invest in each fund?
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
Part I 4.00% per annum ------------- Amount invested =x
Part II 6.00% per annum ------------ Amount invested = y
5000
Interest----- 270
Part I 4.00% per annum ---x *
Part II 6.00% per annum ---y
Total investment
x + 1 y= 5000 -------------1
Interest on both investments
4.00% x + 6.00% y= 270
Multiply by 100
4 x + 6 y= 27000.00 --------2
Multiply (1) by -4
we get
-4 x -4 y= -20000.00
Add this to (2)
0 x 2 y= 7000
divide by 2
y = 3500 - x)
Part I 4.00% $ 1500
Part II 6.00% $ 3500
0.8
CHECK 0.75
1500 --------- 4.00% ------- 60.00 260
3500 ------------- 6.00% ------- 210.00
Total -------------------- 270.00
RELATED QUESTIONS
11. Gundeep invests a total of $5000 in two
funds. One fund pays interest at 4% per... (answered by mananth)
a total of R9000 was invested in two funds. one fund pays 5% interest and the other... (answered by checkley79)
Carol has $8,000 invested in two mutual funds. One fund pays an interest rate of 2.7%,... (answered by fractalier)
A woman invests money in two funds that yield an annual total income of $86. One fund... (answered by lwsshak3)
Anna invested a total of $10,000 in Funds A and B. The amount in Fund A earned an... (answered by ikleyn,greenestamps)
Mr. Smith invested money into 3 separate funds. Fund A pays 8% interest, fund B 9% and... (answered by ikleyn)
You have $750,000 in an IRA (Individual Retirement Account) at the time you retire. You... (answered by checkley79)
You have $500,000 in an IRA (Individual Retirement Account) at the... (answered by solver91311)
A total of $500,000 was invested into two accounts. One fund pays 5.2% and the second one (answered by Shin123)