SOLUTION: an investor invested a total of $2300 in two mutual funds. one fund earned a 7% profit while the other earned a 2% profit. if the investors total profit was $66, how much was inve

Algebra ->  Finance -> SOLUTION: an investor invested a total of $2300 in two mutual funds. one fund earned a 7% profit while the other earned a 2% profit. if the investors total profit was $66, how much was inve      Log On


   

Question 734396: an investor invested a total of $2300 in two mutual funds. one fund earned a 7% profit while the other earned a 2% profit. if the investors total profit was $66, how much was invested in each mutual fund?
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
an investor invested a total of $2300 in two mutual funds. one fund earned a 7% profit while the other earned a 2% profit. if the investors total profit was $66, how much was invested in each mutual fund?
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Quantity Equation: a + b = 2300 dollars
Profit Equation: 7a +2b = 6600
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Multiply Quantity Eq through by 2:
2a + 2b = 2*2300
7a + 2b = 6600
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Subtract and solve for "a":
5a = 2000
a = $500.00 (amt invested at 7%
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b = 2300-500 = $1800.00 (amt invested at 2%)
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Cheers,
Stan H.