SOLUTION: An investor invested a total of 2400.oo in two mutual funds. One fund earned a 4%and the other earned a 2% profit. If the investor's total profit was 86.00, how much was invested

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: An investor invested a total of 2400.oo in two mutual funds. One fund earned a 4%and the other earned a 2% profit. If the investor's total profit was 86.00, how much was invested      Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 632546: An investor invested a total of 2400.oo in two mutual funds. One fund earned a 4%and the other earned a 2% profit. If the investor's total profit was 86.00, how much was invested in each mutual fund?
Answer by Maths68(1474) About Me  (Show Source):
You can put this solution on YOUR website!
Amount invested at 4% = x
Amount invested at 2% = 2400-x
Given
Total interest on both investments = 86
(4%)(x)+(2%)(2400-x) = 86
(4/100)(x)+(2/100)(2400-x) = 86
4x/100+4800/100-2x/100 = 86
(4x+4800-2x)/100=86
4x+4800-2x=(86)(100)
2x+4800=8600
2x=8600-4800
2x=3800
2x/2=3800/2
x=1900
Amount invested at 4% = x = 1900
Amount invested at 2% = 2400-x =2400-1900 =500

Check
=====
(4%)(x)+(2%)(2400-x) = 86
(4/100)(1900)+(2/100)(2400-1900) = 86
(4/100)(1900)+(2/100)(500) = 86
(4)(19)+(2)(5) = 86
76+10=86
86=86