SOLUTION: An investor invested a total of 2,200 in two mutual funds. One fund earned a 8% profit while the other earned a 2% profit. If the investors profit was $104, how much was invested
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Question 778736: An investor invested a total of 2,200 in two mutual funds. One fund earned a 8% profit while the other earned a 2% profit. If the investors profit was $104, how much was invested in each mutual fund.
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
Part I 8.00% per annum ------------- Amount invested =x
Part II 2.00% per annum ------------ Amount invested = y
2200
Interest----- 104.00
Part I 8.00% per annum ---x
Part II 2.00% per annum ---y
Total investment
x + 1 y= 2200 -------------1
Interest on both investments
8.00% x + 2.00% y= 104
Multiply by 100
8 x + 2 y= 10400.00 --------2
Multiply (1) by -8
we get
-8 x -8 y= -17600.00
Add this to (2)
0 x -6 y= -7200
divide by -6
y = 1200
Part I 8.00% $ 1000
Part II 2.00% $ 1200
CHECK
1000 --------- 8.00% ------- 80.00
1200 ------------- 2.00% ------- 24.00
Total -------------------- 104.00
m.ananth@hotmail.ca
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