Question 202486: Please if someone can help me solve this problem! thank you!
Anthony invested a certain amount of money into a savings account, and invested 3 times that amount into a mutual fund. If after one year the savings account earned 5% interest and the mutual fund earned 11% interest, and the total interest earned from the two investments was $152, how much did Anthony initially invest in each? To earn credit, you MUST construct an algebraic equation with a variable and solve using algebra steps.
Answer by Theo(13342)   (Show Source):
You can put this solution on YOUR website! let x = amount of money invested in savings account.
let 3*x = amount of money invested in mutual fund.
(.05)*x + (.11)*(3*x) = 152
that's your formula.
solve it as follows:
.05*x + .33*x = 152
.38*x = 152
x = 152/.38 = 400
amount of money invested in savings account = x = $400.
amount of money invested in mutual fund = 3*x = $1200.
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.05*400 = 20
.11*1200 = 132
total = 152
answer is correct.
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