SOLUTION: Suppose one investment in a money market earned 4.25% annual interest; the other investment in a stock fund earned 7.75% annual interest. Together the two investments totaled $3450
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Question 336652: Suppose one investment in a money market earned 4.25% annual interest; the other investment in a stock fund earned 7.75% annual interest. Together the two investments totaled $3450. If a total of $230 for the year is earned, how much was invested in each fund? Round to the nearest dollar. Thanks
Answer by nyc_function(2741) (Show Source): You can put this solution on YOUR website!
0.0425x + 0.0775 ( 3450 - x) = 230
0.0425x + 267.375 - 0.0775x = 230
- 0.035 x = - 37.375
x = $1068
ANSWER: $1068 ( 4.25%) 2382(7.75%)
NOTE: ALWAYS CHECK YOUR ANSWER.
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