SOLUTION: You invested money in two funds. Last year, the first fund paid a dividend of 9% and the second a dividend of 3% and you received a total of $1047. This year, the fund paid a 10% d

Algebra ->  Coordinate Systems and Linear Equations  -> Linear Equations and Systems Word Problems -> SOLUTION: You invested money in two funds. Last year, the first fund paid a dividend of 9% and the second a dividend of 3% and you received a total of $1047. This year, the fund paid a 10% d      Log On


   

Question 253076: You invested money in two funds. Last year, the first fund paid a dividend of 9% and the second a dividend of 3% and you received a total of $1047. This year, the fund paid a 10% dividend and the second on 1%, and you received a total of $846. How much money did you invest in each fund?
Answer by hokies(65) About Me  (Show Source):
You can put this solution on YOUR website!
.09*x+.03*y=1047
.1*x+.01*y=846 (assumes the interest from 1st year was removed from the accounts)
Solve simultaneous equations:
x=7100
y=13600