SOLUTION: A man invested $5000 in two mutual funds. Last year one of the funds went up by 6%, and the other fund went down by 6%. If his portfolio increased in value by $60 last year, how mu
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Question 947841: A man invested $5000 in two mutual funds. Last year one of the funds went up by 6%, and the other fund went down by 6%. If his portfolio increased in value by $60 last year, how much did he invest in the fund that earned a 6% profit?
Answer by lwsshak3(11628) (Show Source): You can put this solution on YOUR website!
A man invested $5000 in two mutual funds. Last year one of the funds went up by 6%, and the other fund went down by 6%. If his portfolio increased in value by $60 last year, how much did he invest in the fund that earned a 6% profit?
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let x=amt invested in fund that went up by 6%
5000-x=amt invested in fund that went down by 6%
6%x-6%(5000-x)=60
.06x-300+.06x=60
.12x=360
x=3000
how much did he invest in the fund that earned a 6% profit? $3000
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