SOLUTION: Juan had $21400 and chose to split the money into two different mutual funds. During the first year, Fund A earned 7% interest and Fund B earned 4% interest. If he received a total
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Question 1077806: Juan had $21400 and chose to split the money into two different mutual funds. During the first year, Fund A earned 7% interest and Fund B earned 4% interest. If he received a total of $1216 in interest, how much had he invested into each account?
Juan invested $ into Fund A.
Juan invested $ into Fund B. Answer by Boreal(15235) (Show Source):
You can put this solution on YOUR website! x=7%
21400-x=4%
.07x+.04(21400-x)=1216
.07x+856-.04x=1216
.03x=360
x=$12,000@7%=$840.
21400-x=$9400@4%=$376
They add to $1216.
