Question 370693: Suppose you invest $5000 in 3 different funds for a year. The funds paid simple of 8%, 10%, and 7%. The total intrest at the end of 1 year was $405, you invested $500 more at 10% than at 8%. How much did you invest in each mutal fund?
I am usually good at these, this one just throws me off. so if you could help that would be great.
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! Suppose you invest $5000 in 3 different funds for a year.
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The funds paid simple of 8%, 10%, and 7%. The total intrest at the end of 1 year was $405, you invested $500 more at 10% than at 8%. How much did you invest in each mutal fund?
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Equations:
Value:::::::: e + t + s = 5000
Interest:: 0.08e + 0.10t + 0.07s = 405
Quantity::::: t = e + 500
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Rearrange:
e + t + s = 5000
8e + 10t + 7s = 40500
e - t + 0 = -500
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eight% investment = $1000
ten% investment = $1500
seven% investment = $2500
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Cheers,
Stan H.
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