SOLUTION: Anita invested a certain amount of money into a savings account, and invested twice that amount into a mutal fund. If after one year of time the savings account earned 5% interest
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Question 164161: Anita invested a certain amount of money into a savings account, and invested twice that amount into a mutal fund. If after one year of time the savings account earned 5% interest and the mutual fund earned 8% interest, and total earned from the two investments in that year was $105, how much did Anita initially invest into both? Answer by checkley77(12844) (Show Source):
You can put this solution on YOUR website! .05x+.08*2x=105
.05x+.16x=105
.21x=105
x-105/.21
x=500 was the investment @ 5%
2*500=1,000 is the amount invested @ 8%
proof:
.05*500+.08*1000=105
25+80=105
105=105
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