SOLUTION: Jaleel invested in two mutual funds. One had a profit of 8%, the other 10%. He invested $1400 more in the 8% than the 10% fund. He earned $45 dollars more from the 8% fund than the

Algebra ->  Finance -> SOLUTION: Jaleel invested in two mutual funds. One had a profit of 8%, the other 10%. He invested $1400 more in the 8% than the 10% fund. He earned $45 dollars more from the 8% fund than the      Log On


   

Question 348829: Jaleel invested in two mutual funds. One had a profit of 8%, the other 10%. He invested $1400 more in the 8% than the 10% fund. He earned $45 dollars more from the 8% fund than the 10% fund. How much did Jaleel invest in each fund?
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
Jaleel invested in two mutual funds. One had a profit of 8%, the other 10%. He invested $1400 more in the 8% than the 10% fund. He earned $45 dollars more from the 8% fund than the 10% fund. How much did Jaleel invest in each fund?
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Equations:
E = T + 1400
0.08E = 0.10T + 45
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Substitute for "E" and solve for "T":
0.08(T + 1400) = 0.10T + 45
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Multiply thru by 100:
8T + 8*1400 = 10T + 4500
2T = 6700
T = $3350 (amt. invested at 10%)
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E = 3350+1400 = $4750 (amt. invested at 8%)
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cheers,
Stan H.