Question 101673This question is from textbook
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Bruce invested some money in the Thomas 300 fund and $3000 more than that amount in the Thomas 400 fund. For the year he was in the funds, the 300 fund paid 18% simple interest and the 400 fund paid 15% simple interest. If the income for the two investments totaled $3750 for one year, than how much did he invest in each fund?
This question is from textbook
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! Bruce invested some money in the Thomas 300 fund and $3000 more than that amount in the Thomas 400 fund. For the year he was in the funds, the 300 fund paid 18% simple interest and the 400 fund paid 15% simple interest. If the income for the two investments totaled $3750 for one year, than how much did he invest in each fund?
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Let amt. in T 300 be "x" dollars; interest is 0.18x dollars
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Amt in T 400 is "x+3000" ;interest is 0.15(x+3000)=(0.15x+ 450) dollars
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EQUATION:
interest + interest = 3750 dollars
0.18x + 0.15x+450 = 3750
0.33x = 3300
x = $10,000 (amt. invested in T 300)
x+3000= $13,000 ( amt invested in T 400)
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Cheers,
Stan H.
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