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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 4 solutions by mananth, MathTherapy, ikleyn, josgarithmetic:
Answer by mananth(16949)   (Show Source):
You can put this solution on YOUR website!
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
CHECK
-10000 --------- 2.00% ------- -200.00
60000 ------------- 5.00% ------- 3000.00
Total -------------------- 2800.00
m.ananth@hotmail.ca
Answer by MathTherapy(10801)  (Show Source):
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?
At these 2 rates? IMPOSSIBLE!
Answer by ikleyn(53742)  (Show Source):
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?
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
The problem has no adequate solution, since it is self-contradictory and describes a situation
which can not happen in reality.
Indeed, the claimed income of 2,800.00 is greater that 5% of the total sum of 50,000.00.
So, even if the whole amount of 50,000.00 is invested at 5%, it can not generate 2,800.00.
@mananth in his post solved the problem using his computer code, but obtained one deposit NEGATIVE,
which is not possible in real life.
He did not notice this absurdism and presented negative investment as the solution
to the problem.
This once again shows how dangerous it is to trust the solutions by @mananth.
He even does not read the solutions produced by his computer code and does not check them.
Answer by josgarithmetic(39790)  (Show Source):
You can put this solution on YOUR website!
RATE% QUANTITY INTEREST
Bank 2 50000-Q 0.02(50000-Q)
Mutual F. 5 Q 0.05Q
TOTAL 50000 2800
You can setup the equation and solve, but the results will not work!
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