SOLUTION: Thank you in advance.
A business earned $6570 this year on an investment of $45,000 in mutual funds made last year. The two funds invested in were a pharmaceutical fund which pa
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A business earned $6570 this year on an investment of $45,000 in mutual funds made last year. The two funds invested in were a pharmaceutical fund which pa
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Question 210866This question is from textbook Intermediate Algebra
: Thank you in advance.
A business earned $6570 this year on an investment of $45,000 in mutual funds made last year. The two funds invested in were a pharmaceutical fund which paid out simple interest of 13% and a biotech fund which paid out simple interest of 16% . How much was invested in each fund a year ago to earn $6570 in combined interest? This question is from textbook Intermediate Algebra
You can put this solution on YOUR website! A business earned $6570 this year on an investment of $45,000 in mutual funds made last year. The two funds invested in were a pharmaceutical fund which paid out simple interest of 13% and a biotech fund which paid out simple interest of 16% . How much was invested in each fund a year ago to earn $6570 in combined interest?
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Simple Interest:
I = Prt
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x*0.13 + (45000-x)*0.16 = 6570
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13x + 16*45000 - 16x = 657000
-3x = -63000
x = 21000 (amount invested at 13%)
45000-21000 = 24000 (amount invested at 16%
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Cheers,
Stan H.
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