SOLUTION: an investor invested a total amount of $3,100 in two mutual funds. One fund earned a 5% profit while the other earned a 3% profit. If the investors total profit was $115, how much

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Question 631258: an investor invested a total amount of $3,100 in two mutual funds. One fund earned a 5% profit while the other earned a 3% profit. If the investors total profit was $115, how much was invested in each mutual fund?
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
an investor invested a total amount of $3,100 in two mutual funds. One fund earned a 5% profit while the other earned a 3% profit. If the investors total profit was $115, how much was invested in each mutual fund?
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Equations:
value: x + y = 3100
interest: 0.05x + 0.03y = 115
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5x + 5y = 5*3100
5x + 3y = 115*100
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Subtract and solve for "y":
2y = 4000
y = 2000 (amt invested at 3%
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x = 1100 (amt invested at 5%
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Cheers,
Stan H.