SOLUTION: A total of $500,000 was invested into two accounts. One fund pays 5.2% and the second one pays 7.7% per annum. How much would be invested in each fund to produce an annual combined

Question 1199224: A total of $500,000 was invested into two accounts. One fund pays 5.2% and the second one pays 7.7% per annum. How much would be invested in each fund to produce an annual combined interest income of $34,000?

Answer by Shin123(626) (Show Source): You can put this solution on YOUR website!
Let the amount of money invested into the first fund be , and the amount of money invested into the second fund be . Since we know that $500,000 was invested in total, we know that . In addition, since we know how much each fund makes, we also know that .
We have the system of equations . To get rid of the decimals, we multiply both sides of the second equation by to get . Multiplying both sides of the first equation by 77, we get . Subtracting the second equation from the first, we get . Dividing both sides by , we get . Since we know that $500,000 was invested in total, we have . Therefore, $180,000 was invested into the first fund, and $320,000 was invested into the second fund.
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