SOLUTION: Suppose an investor earned $2820 at the end of one year from a $32,000 investment in mutual funds. The investor bought two types of funds. One investment fund earned 9% annual inte
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Question 336648: Suppose an investor earned $2820 at the end of one year from a $32,000 investment in mutual funds. The investor bought two types of funds. One investment fund earned 9% annual interest, and the other earned 8.5% annual interest. How much was invested in each type of fund. Thank You
Answer by nyc_function(2741) (Show Source): You can put this solution on YOUR website!
Investment amount * interest rate = Interest amount
x = Investment amount 1
y = Investment amount 2
a = Interest amount 1
b = Interest amount 2
.09x = a
.085y = b
a + b = $2820
x + y = $32000 (x = $32000 - y)
.09x + .085y = a + b
.09x + .085y = $2820
.09(32000-y) + .085y = 2820
2829 - .09y + .085y = 2820
.09y - .085y = 60
.005y = 60
y = $12000
x = $20000
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