SOLUTION: an investor invested a total of $1,600 in two mutual funds. one fund earned 8% profit and the other earned a 3% profit. if the investor's total profit was $83 how much was invested
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Question 627166: an investor invested a total of $1,600 in two mutual funds. one fund earned 8% profit and the other earned a 3% profit. if the investor's total profit was $83 how much was invested in each mutual fund? Answer by mananth(16946) (Show Source):
You can put this solution on YOUR website! Mutual fund I 8.00% per annum ------------- Amount invested =x
Mutual fund II 3.00% per annum ------------ Amount invested = y
1600
Interest----- 83
Mutual fund I 8.00% per annum ---x
Mutual fund II 3.00% per annum ---y
Sum of investments
x + 1 y= 1600 -------------1
Interest earned on both investments
8.00% x + 3.00% y= 83
Multiply by 100
8 x + 3 y= 8300.00 --------2
Multiply (1) by -8
we get
-8 x -8 y= -12800.00
Add this to (2)
0 x -5 y= -4500
divide by -5
y = 900
Mutual fund I 8.00% $ 700
Mutual fund II 3.00% $ 900
