document.write( "Question 1190055: Vern sold his 1964 Ford Mustang for $55,000 and wants to invest the money to earn him 6.4% interest per year. He will put some of the money into Fund A that earns 4% per year and the rest in Fund B that earns 10% per year. How much should he invest into each fund (in dollars) if he wants to earn 6.4% interest per year on the total amount? \n" ); document.write( "

Algebra.Com's Answer #821619 by ikleyn(52781) $\"\"$ $\"About$

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\n" ); document.write( "Vern sold his 1964 Ford Mustang for $55,000 and wants to invest the money to earn him 6.4% interest
\n" ); document.write( "per year. He will put some of the money into Fund A that earns 4% per year and the rest in Fund B
\n" ); document.write( "that earns 10% per year. How much should he invest into each fund (in dollars) if he wants to earn
\n" ); document.write( "6.4% interest per year on the total amount?
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document.write( "He invests $55000 partly at 10% and partly at 4%.\r\n" );
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document.write( "Let x dollars be the amount invested at 10%;\r\n" );
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document.write( "then the amount invested at 4% is (55000-x) dollars.\r\n" );
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document.write( "The total annual interest equation is\r\n" );
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document.write( "    0.1x + 0.04*(55000-x) = 0.064*55000.\r\n" );
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document.write( "From this equation\r\n" );
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document.write( "    x =  = 22000.\r\n" );
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document.write( "ANSWER.  $22000 shoud be invested at 10%, and the rest 55000-22000 = 33000 dolars invested at 4%.\r\n" );
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document.write( "CHECK.   0.1*22000 + 0.04*33000 = 3520, the same as 0.064*55000 = 3520.    ! correct !\r\n" );
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\n" ); document.write( "\n" ); document.write( "Solved.\r
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\n" ); document.write( "\n" ); document.write( "It is a standard and typical problem on investments.\r
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\n" ); document.write( "\n" ); document.write( "If you need more details, or if you want to see other similar problems solved by different methods, look into the lesson \r
\n" ); document.write( "\n" ); document.write( " - Using systems of equations to solve problems on investment\r
\n" ); document.write( "\n" ); document.write( "in this site.\r
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\n" ); document.write( "\n" ); document.write( "You will find there different approaches (using one equation or a system of two equations in two unknowns), as well as
\n" ); document.write( "different methods of solution to the equations (Substitution, Elimination).\r
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\n" ); document.write( "\n" ); document.write( "Also, you have this free of charge online textbook in ALGEBRA-I in this site\r
\n" ); document.write( "\n" ); document.write( " - ALGEBRA-I - YOUR ONLINE TEXTBOOK.\r
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\n" ); document.write( "\n" ); document.write( "The referred lesson is the part of this online textbook under the topic \"Systems of two linear equations in two unknowns\".\r
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\n" ); document.write( "
\n" ); document.write( "\n" ); document.write( "Save the link to this online textbook together with its description\r
\n" ); document.write( "
\n" ); document.write( "\n" ); document.write( "Free of charge online textbook in ALGEBRA-I
\n" ); document.write( "https://www.algebra.com/algebra/homework/quadratic/lessons/ALGEBRA-I-YOUR-ONLINE-TEXTBOOK.lesson\r
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\n" ); document.write( "\n" ); document.write( "to your archive and use it when it is needed.\r
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