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 recieved a total of $900. This year, the first fund paid a
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Question 444540: 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 recieved a total of $900. This year, the first fund paid a 10% dividend and the second only 1%, and you received a total of $860. How much money did you invest in each fund? Answer by mananth(16946) (Show Source):
You can put this solution on YOUR website! Fund I $x
Fund II $y
0.09 x + 0.03 y = 900 .............1
0.1 x + 0.01 y = 860 .............2
Eliminate y
multiply (1)by 1
Multiply (2) by -3
0.09x+0.03y=900
-0.3x-0.03y=-2580
Add the two equations
-0.21 x = -1680
/-0.21
x=8,000.00
plug value of x in (1)
0.09x+0.03y=900
720 +0.03y=900
0.03 y = 900-720
0.03 y = 180
y = 6000.00
