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Question 531321: A person invests in a mutual fund, part of wich earned 11% interest and part of which earned 6.5%. If the total amount invested was $5,000 and the interest earned was $345, how much was invested at each rate?
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! A person invests in a mutual fund, part of wich earned 11% interest and part of which earned 6.5%. If the total amount invested was $5,000 and the interest earned was $345, how much was invested at each rate?
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Quantity: x + y = 5000
Interest:0.11x + 0.065 = 345
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Multiply thru 1st by 110
Multiply thru 2nd by 1000
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110x + 110y = 110*5000
110x + 65y = 345000
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Subtract and solve for "y":
45y = 205000
y = $4555.56 (amt. invested at 11%
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Solve for "x":
5000-4555.56 = $444.44 (amt. invested at 6.5%)
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Cheers,
Stan H.
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