SOLUTION: A professional athlete deposited an amount of money into a high-yield mutual fund that earns 14% annual simple interest. A second deposit, $2,400 more than the first, was placed in

Question 1203522: A professional athlete deposited an amount of money into a high-yield mutual fund that earns 14% annual simple interest. A second deposit, $2,400 more than the first, was placed in a certificate of
deposit eaming 7% annua simole interest an one year, he cotal interest earned on both investments was $567. How much money was invested in the mutual fund?
Found 4 solutions by Theo, mananth, ikleyn, josgarithmetic:
Answer by Theo(13342)   (Show Source): You can put this solution on YOUR website!
let x = the amoount invested at 14%.

your equation is:

.14 * x + .07 * (x + 2400) = 567

simplify to get .14 * x + .07 * x + .07 * 2400 = 567
simplify further to get .21 * x + 168 = 567.
subtract 168 from both sides of the equation to get:
.21 * x = 399.
divide both sides of the equation by .21 to get:
x = 1900.

replace x with 1900 in the original equation to get:
.14 * x + .07 * (x + 2400) = 567 becomes:
.14 * 1900 + .07 * (1900 + 2400) = 567
simmplify to get:
.14 * 1900 + .07 * 4300 = 567
simplify and combine like terms to get:
567 = 567.
this confirms the value of x is good.

youor solution is that the amount of money invested in the mutual fund is 1900.

Answer by mananth(16946)   (Show Source): You can put this solution on YOUR website!
high-yield mutual fund that earns 14% annual simple interest
. let amount be x
A second deposit, $2,400 more than the first, was placed in a certificate of
deposit eaming 7% annual simple interest in one year,-> (x+2400)
Total interest in One year = $567
Interest equation
14%x + 7%(x+2400) = 567
0.14x +0.07(x+2400)= 567
0.14x +0.07x+168 = 567
0.21x= 567-168
0,21x = 399
x= 399/0.21
x=1900
The athlete invested $1,900 in the high-yield mutual fund.
Check
1900*14%+4300*7% =567

Answer by ikleyn(52798)   (Show Source): You can put this solution on YOUR website!
.
A professional athlete deposited an amount of money into a high-yield mutual fund
that earns 14% annual simple interest. A second deposit, $2,400 more than the first, was placed
in a certificate of deposit eaming 7% annua simole interest an one year, he cotal interest earned
on both investments was $567. How much money was invested in the mutual fund?
~~~~~~~~~~~~~~~~~~~~~~~~~

I will not edit writing and grammar in this post that both are terrible.

        An impression is as if somebody fell from a tree,
        and then began to dictate into a tape recorder.

Let x be the amount invested in the mutual fund. Then the other amount is (x+2400) dollars. Write an equation for the total annual interest 0.14x + 0.07*(x+2400) = 567 dollars. Simplify and find x 0.14x + 0.07x + 0.07*2400 = 567 x = = 1900. ANSWER. $1900.

Solved.

Answer by josgarithmetic(39620)   (Show Source): You can put this solution on YOUR website!
This section is meaningless:

--------------------------------------------------------
...,was placed in a certificate of
deposit eaming 7% annua simole interest an one year, ...
--------------------------------------------------------

Is this what the whole description is supposed to be?
====
An amount invested at 14% simple interest and another amount $2400 more than that, at 7%, and total interest earned for 1 year was $567
====

Q at 14%
Q+2400 at 7%

-

----------invested at 14%
RELATED QUESTIONS
A professional athlete deposited an amount of money into a high-yield mutual fund that... (answered by checkley71)
A professional athlete deposited an amount of money into a high-yield mutual fund that... (answered by richwmiller)
Could you lay this problem out for me: A professional athlete deposited an amount of... (answered by Fombitz)
a grocer deposited a certain sum into a high-yield mutual fund that returns a 13% annual... (answered by ikleyn)
An investment consultant has deposited $5000 of a clients money into a 10% simple interes (answered by stanbon)
A deposit of $4000 is made into an account that earns 11% annual simple interest. How... (answered by ankor@dixie-net.com)
Haley invested $2,000.00 in a 36-month certificate of deposit (CD) that earned 7% annual... (answered by Theo)
The Pacific investment group invested some money in a certificate of deposit (cd) that... (answered by stanbon)
#63) The cross creek investment club has $20,000 to invest. The members of the club... (answered by elima)