SOLUTION: A broker has invested $21,500 in two mutual funds, one earning 9% annual interest and the other earning 14%. After 1 year, his combined interest is $2,860. How much was invested at
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Question 1034911: A broker has invested $21,500 in two mutual funds, one earning 9% annual interest and the other earning 14%. After 1 year, his combined interest is $2,860. How much was invested at each rate?
Answer by addingup(3677) (Show Source): You can put this solution on YOUR website!
Let the amount at 9% be x.
0.09*x+0.14(21,500-x) = 2860
0.09x+3010-0.14x = 2860
-0.05x = -150
x = 3,000 this is the amount invested at 9% and:
21,500-3000 = 18,500 is invested at 14%
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Check:
0.09*3000 = 270
0.14*18,500= 2,590
270+2,590 = 2,860 Correct
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