Question 1042262: Juan had $22200 and chose to split the money into two different mutual funds. During the first year, Fund A earned 6% interest and Fund B earned 3% interest. If he received a total of $1116 in interest, how much had he invested into each account?
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! Juan had $22200 and chose to split the money into two different mutual funds. During the first year, Fund A earned 6% interest and Fund B earned 3% interest. If he received a total of $1116 in interest, how much had he invested into each account?
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Quantity:: s + t = 22200 dollars
Interest:: 6s + 3t = 111600 dollars
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Modify for elimination::
3s + 3t = 66600
6s + 3t = 111600
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Subtract and solve for "s"::
3s = 45000
s = $15000 (amt. invested at 6%)
t = 22200-15000 = $7200 )(amt. invested at 3%
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Cheers,
Stan H.
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