SOLUTION: An investor invested a total of $2,200 in two mutual funds. One fund earned a 9% profit while the other earned a 7% profit. If the investor's total profit was $160.00 how much was
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Question 623505: An investor invested a total of $2,200 in two mutual funds. One fund earned a 9% profit while the other earned a 7% profit. If the investor's total profit was $160.00 how much was invested in each mutual fund?
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!
Let = amount invested @ 9%
Let = amount invested @ 7%
given:
(1)
(2)
---------------------
(2)
Multiply both sides of (1) by
and subtract (1) from (2)
(2)
(1)
and, since
(1)
(1)
(1)
$300 was invested @ 9%
$1900 was invested @ 7%
check:
(2)
(2)
(2)
(2)
OK
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