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 1047$. This year the first fund paid a 10% divi

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 1047$. This year the first fund paid a 10% divi      Log On


   

Question 319985: 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 1047$. This year the first fund paid a 10% dividend and the second only 1% and you received a total of 846$. How much money did you invest in each fund?
Answer by mananth(16946) About Me  (Show Source):
You can put this solution on YOUR website!
let $x be invested in first fund
let $y be invested in second fund
first fund 9%
the second 3%,
received 1047$.
Last year interest equation
0.09x+0.03y=1047
multiply by 100
9x+3y=104700 ...... equation 1
..
This year first fund 10%
second 1%
received 846$.
This year interest equation
0.10x+0.01y=846
multiply by 100
10x+y=84600 ......... equation 2
multiply equation 2 by 3 and subtract1 from it
30x+3y-9x-3y=253800-104700
21x=149100
x= $ 7100 investment in first fund
..
10x+y=84600 substitute the value of x
10*7100+y=84600
y=84600-71000
y= $ 13600 investment in second fund.