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Question 263448: Suzanne invested $19,800 in two mutual fund accounts: the Abernathy Fund and the Brice Fund. During the subsequent year, The Abernathy Fund earned 10% and the Brice account earned 6%. At the end of the year, the total interest earned was $1,492. How much did Suzanne invest in each fund? Place your answers in the two blanks. Enter the amounts in whole dollars only. Abernathy = _________ Brice = ____________
Found 2 solutions by richwmiller, JBarnum:
Answer by richwmiller(17219)   (Show Source):
Answer by JBarnum(2146)  (Show Source):
You can put this solution on YOUR website! You dont need to use a solver as this is actually a simple plugin algebra question. First find the 2 equations to solve the problem. Use Variables such as (A,B,C...X,Y,Z). I used A and B. because thats the 2 first letters of the funds, also helps when u finish the problem to remeber which answer is for what
"Suzanne invested $19,800 in two mutual fund accounts: the Abernathy Fund and the Brice Fund."
19800= A + B
"The Abernathy Fund earned 10% and the Brice account earned 6%. At the end of the year, the total interest earned was $1,492."
10%=.1 6%=.06
.1A + .06B = 1492
With the first equation 19800=A+B I solved for B. Subtract A from both sides. 19800-A=A+B-A, A-A=0 so (19800-A)=B
now Plug B from above into the second equation. 0.1A+0.06B=1492
0.1A+0.06(19800-A)=1492 and solve for A
0.1A+0.06(19800)-0.06(A)=1492
0.1A + 1188 - 0.06A=1492
0.10A-0.06A+1188=1492
0.4A+1188=1492
0.4A+1188-1188=1492-1188
0.4A=304
.04A/.04=304/.04
A=7600
use first equation to find B (19800=A+B)
19800=(7600)+B
19800-7600=7600+B-7600
12200=B
Abernathy = __7600_ Brice = __12200_
to make sure im right check with second equation
.1A+.06B=1492
.1(7600)+.06(12200)=1492
760+732=1492
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