SOLUTION: You invested money in two funds. Last year, the first fund paid a dividend of 8% and the second a dividend of 5%, and you received a total of $1330. This year, the first fund paid
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-> SOLUTION: You invested money in two funds. Last year, the first fund paid a dividend of 8% and the second a dividend of 5%, and you received a total of $1330. This year, the first fund paid
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Question 429409: You invested money in two funds. Last year, the first fund paid a dividend of 8% and the second a dividend of 5%, and you received a total of $1330. This year, the first fund paid a 12% dividend and the second only 2% and you received a total of $1500. How much money did you invest in each fund? Answer by mananth(16946) (Show Source):
You can put this solution on YOUR website! Fund I x
Fund II ------------ y
0.08x+0.05y=1330 .............1
0.12x+0.02y=1500 .............2
multiply (1)by 5
Multiply (2) by 3
0.4 x + -0.02 y = 6650
0.36 x + 0.05 y = 4500
Add the two equations
0.76x=11150
/0.76
x=14671 Fund I
plug value of x in (1)
0.08x+0.05y=1330
1173.68 +0.05y= 1330
0.05y=1330-1173.68
0.05y= 156.32
y=3126 Fund II
neglect decimals
