SOLUTION: Carol has $8,000 invested in two mutual funds. One fund pays an interest rate of 2.7%, and the other pays an interest rate of 3.1%. Carol received a total of $226.00 in interest. H
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Question 1011006: Carol has $8,000 invested in two mutual funds. One fund pays an interest rate of 2.7%, and the other pays an interest rate of 3.1%. Carol received a total of $226.00 in interest. How much is invested in each account? Answer by fractalier(6550) (Show Source):
You can put this solution on YOUR website! Call the amount invested at 2.7%, x.
Then the amount invested at 3.1% is 8000-x.
The set up looks like this:
.027x + .031(8000-x) = 226
.027x + 248 - .031x = 226
-.004x = -22
x = 22/.004 = $5500 invested at 2.7% and then
8000-x = $2500 at 3.1%
