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Question 696677: Can anyone help me solve this problem ? I have no idea how to do it. An investor invested a total of $1,900 in two mutual funds, one fund earned a 7% profit, while the other earned a 4% profit. If the investor's total profit was $97, how much was invested into each mutual fund?
Amount invested into mutual fund that earned 7% -
Amount invested into mutual fund that earned 4%-
Found 3 solutions by rfer, Edwin McCravy, stanbon:
Answer by rfer(16322)   (Show Source):
Answer by Edwin McCravy(20064)  (Show Source):
You can put this solution on YOUR website! Can anyone help me solve this problem ? I have no idea how to do it. An investor invested a total of $1,900 in two mutual funds, one fund earned a 7% profit, while the other earned a 4% profit. If the investor's total profit was $97, how much was invested into each mutual fund?
PRINCIPLE · RATE = INTEREST
First investment x .07 = .07x
Second investment 1900-x .04 = .04(1900-x)
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TOTAL 1900 97
.07x + .04(1900-x) = 97
7x + 4(1900-x) = 9700
7x + 7600 - 4x = 9700
3x + 7600 = 9700
3x = 2100
FIRST INVESTMENT = x = 700
SECOND INVESTMENT = 1900-x = 1900-700 = 1200
Answer: $700 at 7%, $1200 at 4%
Edwin
Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! Can anyone help me solve this problem ? I have no idea how to do it. An investor invested a total of $1,900 in two mutual funds, one fund earned a 7% profit, while the other earned a 4% profit. If the investor's total profit was $97, how much was invested into each mutual fund?
Principal Equation: a + b = 1900
Interest Equation: 7a + 4b = 9700
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Multiply thru 1st by 4
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4a + 4b = 4*1900
7a + 4b = 9700
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Subtract and solve for "a":
3a = 2100
a = 700 (amt. invested at 7%
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Solve for "b":
a + b = 1900
700 + b = 1900
b = 1200 (amt. invested at 4%
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Cheers,
Stan H.
Amount invested into mutual fund that earned 7% -
Amount invested into mutual fund that earned 4%-
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