SOLUTION: Please help
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% sim
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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% sim
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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
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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