SOLUTION: An investor invested a total of ​$2,300 in two mutual funds. One fund earned a 6​% profit while the other earned a 3​% profit. If the​ investor's total prof

Algebra ->  Finance -> SOLUTION: An investor invested a total of ​$2,300 in two mutual funds. One fund earned a 6​% profit while the other earned a 3​% profit. If the​ investor's total prof      Log On


   

Question 1100010: An investor invested a total of ​$2,300 in two mutual funds. One fund earned a 6​% profit while the other earned a 3​% profit. If the​ investor's total profit was ​$90​, how much was invested in each mutual​ fund?
Answer by ikleyn(52921) About Me  (Show Source):
You can put this solution on YOUR website!
.
0.06*x + 0.03(2300-x) = 90.

6x + 3*(2300-x) = 100*90

6x + 6900 - 3x = 9000

3x = 9000 - 69000 = 2100  ====>  x = 2100%2F3 = 700.


Answer.  $700 at 6%  and  $2300 - $700 = $1600 at 3%.


Check.   0.06*700 + 0.03*1600 = 90.   ! Correct !

Solved.

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To see more solved problems on investments with detailed solutions/explanations, look into the lesson
    - Using systems of equations to solve problems on investment
in this site.