SOLUTION: An investor invested a total of $3,100 in mutal funds. One fund earned a 9% profit while the other earned a 7% profit. If the investor’s profit was $253, how much was invested in e
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Question 1106413: An investor invested a total of $3,100 in mutal funds. One fund earned a 9% profit while the other earned a 7% profit. If the investor’s profit was $253, how much was invested in each mutal fund? Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! An investor invested a total of $3,100 in mutual funds. One fund earned a 9% profit while the other earned a 7% profit. If the investor’s profit was $253, how much was invested in each mutual fund?
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Equations:
Quantity Eq.::: n + s = 3100
Interest Eq::::9n + 7s = 25300
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Modify for elimination::
7n + 7s = 7*3100
9n + 7s = 25300
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2n = 3600
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n = $1800 (amt. invested at nine %)
s = 3100-1800 = $1300 (amt. invested at seven%)
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Cheers,
Stan H.
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