Question 721254: Kelly invested her savings of $4800. She invested part in mutual funds, at 9% per year, and the rest in GICs at 10% per year. At the end of the year, the interest from the mutual funds investment was $43 less than the interest from the GIC investment. How much was invested in each type of investment.
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! Kelly invested her savings of $4800. She invested part in mutual funds, at 9% per year, and the rest in GICs at 10% per year. At the end of the year, the interest from the mutual funds investment was $43 less than the interest from the GIC investment. How much was invested in each type of investment.
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Investment Eq::: m + G = 4800
Interest Eq:::: 9m = 10G - 4300
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Rearrange:
9m + 9G = 9*4800
9m -10G = -4300
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Subtract and solve for "G":
19G = 47500
G = $2500 (amt. invested in GIC's)
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Solve for "m":
m + G = 4800
m = 4800-2500
m = $2300 (amt. invested in mutuals)
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Cheers,
Stan H.
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