SOLUTION: An investor invested a total of $1,400 in two mutal funds. One fund earned a 7% profit and the other earned a 2% profit. If the investors profit was $58 how much was invested in
Algebra.Com
Question 673106: An investor invested a total of $1,400 in two mutal funds. One fund earned a 7% profit and the other earned a 2% profit. If the investors profit was $58 how much was invested in each mutal fund?
fund that earned 7%?
fund that earned 2%?
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
Part I 7.00% per annum ------------- Amount invested =x
Part II 2.00% per annum ------------ Amount invested = y =
1400
Interest----- 58
Part I 7.00% per annum ---x
Part II 2.00% per annum ---y
Total investment
x + y= 1400 -------------1
Interest on both investments
7.00% x + 2.00% y= 58
Multiply by 100
7 x + 2 y= 5800.00 --------2
Multiply (1) by -7
we get
-7 x -7 y= -9800.00
Add this to (2)
0 x -5 y= -4000
divide by -5
y = 800
Part I 7.00% $ 600
Part II 2.00% $ 800
CHECK
600 --------- 7.00% ------- 42.00
800 ------------- 2.00% ------- 16.00
Total -------------------- 58.00
m.ananth@hotmail.ca
RELATED QUESTIONS
An investor invested a total of $3,100 in mutal funds. One fund earned a 9% profit while... (answered by stanbon)
an investor invested a total of 2000 in two mutual funds. One fund earned 9% profit while (answered by ewatrrr)
An investor invested a total of 1,900 in two mutual funds. One fund earned a 4% profit... (answered by mananth)
an investor invested a total of $2300 in two mutual funds. one fund earned a 7% profit... (answered by stanbon)
An investor invested a total of $700 in two mutual funds. One fund earned a 7% profit... (answered by oscargut)
An investor invested a total of 1500 in two mutual funds. One fund earned 7% profit while (answered by ewatrrr)
Investor invest $2400 in two mutual funds. One fund earned 6% profit the other a 4%... (answered by stanbon)
an investor invested a total of $2,300 in two mutual funds. one fund earned 6% profit An... (answered by stanbon)
an investor invested a total of $1400 in 2 mutual funds. one fund earned a 6% profit and... (answered by lwsshak3)