SOLUTION: Tory invests money in two plans. She invests two-fifths of the money at a return rate of 2% in a money market account. The remainder of the money she invests in a short-term mutua
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-> SOLUTION: Tory invests money in two plans. She invests two-fifths of the money at a return rate of 2% in a money market account. The remainder of the money she invests in a short-term mutua
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Question 129241: Tory invests money in two plans. She invests two-fifths of the money at a return rate of 2% in a money market account. The remainder of the money she invests in a short-term mutual fund account with a return rate of 3%. If the total interest from the investments is $104, how much was invested in each plan? Answer by checkley71(8403) (Show Source):
You can put this solution on YOUR website! .4x*.02+.6x*.03=104
.008x+.018x=104
.026x=104
x=104/.026
x=$4,000 is the total investment.
proof:
.4*4000*.02+.6*4000*.03=104
32+72=104
104=104
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