SOLUTION: Mr. Cantoni invested 50,000.00. A part of it is invested in a bank at 2% yearly interest and another part of it in a mutual fund at a 5% yearly interest. How much investment was ma
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Question 1028742: Mr. Cantoni invested 50,000.00. A part of it is invested in a bank at 2% yearly interest and another part of it in a mutual fund at a 5% yearly interest. How much investment was made in the mutual fund if his yearly income from the two is 2,800.00? Found 2 solutions by mananth, MathTherapy:Answer by mananth(16946) (Show Source):
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Part I 2.00% per annum ------------- Amount invested =x
Mutual Fund 5.00% per annum ------------ Amount invested = y =
50000
Interest----- 2800
Part I 2.00% per annum ---x
Mutual Fund 5.00% per annum ---y
Total investment
x + 1 y= 50000 -------------1
Interest on both investments
2.00% x + 5.00% y= 2800
Multiply by 100
2 x + 5 y= 280000.00 --------2
Multiply (1) by -2
we get
-2 x -2 y= -100000.00
Add this to (2)
0 x 3 y= 180000
divide by 3
y = 60000
Part I 2.00% $ -10000
Mutual Fund 5.00% $ 60000
You can put this solution on YOUR website!
Mr. Cantoni invested 50,000.00. A part of it is invested in a bank at 2% yearly interest and another part of it in a mutual fund at a 5% yearly interest. How much investment was made in the mutual fund if his yearly income from the two is 2,800.00?
