SOLUTION: A broker invested $24,000 in two mutual fnds, one earning 9% annual interest and the other earning 10%. After 1 year, the combined interest income is $2117. How much was invested

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: A broker invested $24,000 in two mutual fnds, one earning 9% annual interest and the other earning 10%. After 1 year, the combined interest income is $2117. How much was invested      Log On

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Question 345984: A broker invested $24,000 in two mutual fnds, one earning 9% annual interest and the other earning 10%. After 1 year, the combined interest income is $2117. How much was invested at each rate?
Answer by Fombitz(32388) About Me  (Show Source):
You can put this solution on YOUR website!
Let A be tha mount at 9%, B the amount at 10%.
Total amount invested:
1.A%2BB=24000
Total interest received:
2.9A%2B10B=211700
Multiply eq. 1 by (-10) and add to eq. 2,
-10A-10B%2B9A%2B10B=-240000%2B211700
-A=-28300
A=28300
Something is wrong with your numbers because that amount is greater than the total invested amount.
If the entire amount was invested at 10%, the interest would be $2400.
If the entire amount was invested at 9%, the interest would be $2160.
Your interest amount is outside of the possible range.
Check your numbers and re-post.