Question 194500This question is from textbook
: Anita invested a certain amount of money into a savings account, and invested twice that amount into a mutual fund. If after one year of time the savings account earned 5% interest and the mutual fund earned 8% interest, and total earned from the two investments in that year was $105, how much did Anita initially invest into both?
This question is from textbook
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! Anita invested a certain amount of money into a savings account, and invested twice that amount into a mutual fund. If after one year of time the savings account earned 5% interest and the mutual fund earned 8% interest, and total earned from the two investments in that year was $105, how much did Anita initially invest into both?
-----------------------
Equation:
interest + interest = 105 dollars
0.05x + 0.08(2x) = 105
Multiply thru by 100 to get:
-------------
5x + 16x = 10500
21x = 10500
x = $500 (amt. invested at 5%)
2x = $1000 (amt. invested at 8%)
Cheers,
Stan H.
|
|
|
