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Question 1203522: A professional athlete deposited an amount of money into a high-yield mutual fund that earns 14% annual simple interest. A second deposit, $2,400 more than the first, was placed in a certificate of
deposit eaming 7% annua simole interest an one year, he cotal interest earned on both investments was $567. How much money was invested in the mutual fund?
Found 4 solutions by Theo, mananth, ikleyn, josgarithmetic:
Answer by Theo(13342)   (Show Source):
You can put this solution on YOUR website! let x = the amoount invested at 14%.
your equation is:
.14 * x + .07 * (x + 2400) = 567
simplify to get .14 * x + .07 * x + .07 * 2400 = 567
simplify further to get .21 * x + 168 = 567.
subtract 168 from both sides of the equation to get:
.21 * x = 399.
divide both sides of the equation by .21 to get:
x = 1900.
replace x with 1900 in the original equation to get:
.14 * x + .07 * (x + 2400) = 567 becomes:
.14 * 1900 + .07 * (1900 + 2400) = 567
simmplify to get:
.14 * 1900 + .07 * 4300 = 567
simplify and combine like terms to get:
567 = 567.
this confirms the value of x is good.
youor solution is that the amount of money invested in the mutual fund is 1900.
Answer by mananth(16946)  (Show Source):
You can put this solution on YOUR website! high-yield mutual fund that earns 14% annual simple interest
. let amount be x
A second deposit, $2,400 more than the first, was placed in a certificate of
deposit eaming 7% annual simple interest in one year,-> (x+2400)
Total interest in One year = $567
Interest equation
14%x + 7%(x+2400) = 567
0.14x +0.07(x+2400)= 567
0.14x +0.07x+168 = 567
0.21x= 567-168
0,21x = 399
x= 399/0.21
x=1900
The athlete invested $1,900 in the high-yield mutual fund.
Check
1900*14%+4300*7% =567
Answer by ikleyn(52797)  (Show Source):
You can put this solution on YOUR website! .
A professional athlete deposited an amount of money into a high-yield mutual fund
that earns 14% annual simple interest. A second deposit, $2,400 more than the first, was placed
in a certificate of deposit eaming 7% annua simole interest an one year, he cotal interest earned
on both investments was $567. How much money was invested in the mutual fund?
~~~~~~~~~~~~~~~~~~~~~~~~~
I will not edit writing and grammar in this post that both are terrible.
An impression is as if somebody fell from a tree,
and then began to dictate into a tape recorder.
Let x be the amount invested in the mutual fund.
Then the other amount is (x+2400) dollars.
Write an equation for the total annual interest
0.14x + 0.07*(x+2400) = 567 dollars.
Simplify and find x
0.14x + 0.07x + 0.07*2400 = 567
x =  = 1900.
ANSWER. $1900.
Solved.
Answer by josgarithmetic(39620)  (Show Source):
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