SOLUTION: Investor invest $2400 in two mutual funds. One fund earned 6% profit the other a 4% profit. If the investor total profit was $114, how muh was invested in each mutal fund?
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-> SOLUTION: Investor invest $2400 in two mutual funds. One fund earned 6% profit the other a 4% profit. If the investor total profit was $114, how muh was invested in each mutal fund?
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Question 662312: Investor invest $2400 in two mutual funds. One fund earned 6% profit the other a 4% profit. If the investor total profit was $114, how muh was invested in each mutal fund? Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! Investor invest $2400 in two mutual funds. One fund earned 6% profit the other a 4% profit. If the investor total profit was $114, how much was invested in each mutal fund?
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Quantity: x + y = 2400
Interest:6x +4y = 11400
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Multiply thru the Quantity Eq by 6:
6x + 6y = 6*2400
6x + 4y = 11400
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Solve for "y":
2y = 3000
y = $1500 (amt. invested at 6%)
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Solve for "x":
x + 1500 = 2400
x = $900 (amt. invested at 4%)
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Cheers,
Stan H.
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