SOLUTION: I need to solve the following word problem, and I have no idea where to begin.
An investor invested a total of $2,800 in two mutual funds. One fund
earned an 8% profit
Algebra ->
Customizable Word Problem Solvers
-> Finance
-> SOLUTION: I need to solve the following word problem, and I have no idea where to begin.
An investor invested a total of $2,800 in two mutual funds. One fund
earned an 8% profit
Log On
Question 696774: I need to solve the following word problem, and I have no idea where to begin.
An investor invested a total of $2,800 in two mutual funds. One fund
earned an 8% profit while the other earned a 6% profit. If the investor's
total profit was $202, how much was invested in each mutual fund?
I have seen similar questions answered, but I cannot find the method or procedure used, so I cannot follow the logic. Thank you in advance! Answer by rfer(16322) (Show Source):
You can put this solution on YOUR website! 0.08x+0.06(2800-x)=202
0.08x+168-0.06x=202
0.02x=202-168
0.02x=34
x=34/0.02
x=$1700 at 8%
2800-x=$1100 at 6%
(