SOLUTION: An investor invested a total of $1,200 in two mutual funds. One fund earned a 8% profit while the other earned a 6% profit. If the investor's total profit was $90
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Question 1199653: An investor invested a total of $1,200 in two mutual funds. One fund earned a 8% profit while the other earned a 6% profit. If the investor's total profit was $90, how much was invested in each mutual fund?
Found 2 solutions by ikleyn, greenestamps:
Answer by ikleyn(52781) (Show Source): You can put this solution on YOUR website!
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Answer by greenestamps(13200) (Show Source): You can put this solution on YOUR website!
Assuming this post is from the same student who posted the other similar problem....
$1200 all invested at 6% would earn $72 interest; all at 8% would earn $96 interest; the actual interest was $90.
$90 is 18/24 = 3/4 of the way from $72 to $96, so 3/4 of the total was invested at the higher rate.
ANSWERS: 3/4 of $1200, or $900, was invested at 8%; the other $300 at 6%.
CHECK: .08(900)+.06(300) = 72+18 = 90
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