Question 692100: You invest $40,000 in two funds paying 3% and 4 1/2% simple interest. The total annual interest is $1650. How much do you invest in each fund?
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! You invest $40,000 in two funds paying 3% and 4 1/2% simple interest. The total annual interest is $1650. How much do you invest in each fund?
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Quantity Eq: t + f = 40,000 dollars
Interest Eq:0.03t + 0.045f = 1650 dollars
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Multiply thru top eq. by 30
Multiply thru bottom eq. by 1000
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30t + 30f = 30*40,000
30t + 45f = 1650000
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Subtract and solve for "f":
15f = 450000
f = $30,000 (amt invested at 4.5%
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Solve for "t" usiing t + f = 40,000
t = $10,000 (amt. invested at 3%)
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Cheers,
Stan H.
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