SOLUTION: An investor invested a total of 3000 in two mutual funds. one fund earned a 5% profit while the other earned 2%.if the investors total profit was $96 how much was invested in each
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Question 1096014: An investor invested a total of 3000 in two mutual funds. one fund earned a 5% profit while the other earned 2%.if the investors total profit was $96 how much was invested in each mutual fund? Answer by addingup(3677) (Show Source):
You can put this solution on YOUR website! one fund: x
Since the total amount invested was 3000:
the other: 3000-x
Let's put it together:
0.05x + 0.02(3000-x) = 96
0.05x + 60 - 0.02x = 96
0.03x = 36
x = 36/0.03 = 1200
the other: 3000 - 1200 = 1800
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Check:
1200 x 0.05 = 60
1800 x 0.02 = 36
Total . . . . 96
