SOLUTION: An investor invested a total of $3600 in two mutual funds. One fund earned a 7% profit while the other earned a 3% profit. If the investor's total profit was $172, how much was inv
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Question 662333: An investor invested a total of $3600 in two mutual funds. One fund earned a 7% profit while the other earned a 3% profit. If the investor's total profit was $172, how much was invested in each mutual fund? Answer by ReadingBoosters(3246) (Show Source):
You can put this solution on YOUR website! x+y = 3600
.07x + .03y = 172
substitute into the second equation
.07(3600 - y) + .03y = 172
252 - .07y + .03y = 172
252 - 172 = .04y
80 = .04y
y = $2000 at 3%
x = 3600 - 2000 = $1600 at 7%
Proof
.07(1600) + .03(2000)
112 + 60 = 172
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