SOLUTION: An investor invested a total of $2000 in 2 mutual funds. One fund earned an 8% profit and the other earned a 4% profit. If his total profit was $132, how much was invested in each
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Question 685475: An investor invested a total of $2000 in 2 mutual funds. One fund earned an 8% profit and the other earned a 4% profit. If his total profit was $132, how much was invested in each fund?
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
Part I 8.00% per annum ------------- Amount invested =x
Part II 4.00% per annum ------------ Amount invested = y
2000
Interest----- 132
Part I 8.00% per annum ---x
Part II 4.00% per annum ---y
Total investment
x + 1 y= 2000 -------------1
Interest on both investments
8.00% x + 4.00% y= 132
Multiply by 100
8 x + 4 y= 13200.00 --------2
Multiply (1) by -8
we get
-8 x -8 y= -16000.00
Add this to (2)
0 x -4 y= -2800
divide by -4
y = 700
Part I 8.00% $ 1300
Part II 4.00% $ 700
CHECK
1300 --------- 8.00% ------- 104.00
700 ------------- 4.00% ------- 28.00
Total -------------------- 132.00
m.ananth@hotmail.ca
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