SOLUTION: An investor invested a total of $3000 in two mutual funds. One fund ears 5% profit while the other earned 2% profit. If the investor's profit was $93, how much was invested in ea

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Question 770141: An investor invested a total of $3000 in two mutual funds. One fund ears 5% profit while the other earned 2% profit. If the investor's profit was $93, how much was invested in each fund?
Answer by ramkikk66(644) About Me  (Show Source):
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An investor invested a total of $3000 in two mutual funds.  One fund ears 5% profit while the other earned 2% profit.  If the investor's profit was $93, how much was invested in each fund?
Ans:
Let amount invested in 1st fund be x
Then amount invested in 2nd fund is 3000-x
Profit in 1st fund = x*5% = x*5/100 = 0.05*x
Profit in 2nd fund = (3000 - x)*2% = (3000 - x)*2/100 = 60 - 0.02*x
Total profit is given to be 93
So we get the equation
0.05%2Ax+%2B+60+-+0.02%2Ax+=+93
0.03%2Ax+=+33
x+=+33%2F0.03+=+1100
So amount invested in 1st fund = $1100
Amount invested in 2nd fund = $3000 - $1100 = $1900
Check:
Interest in 1st = 1100 * 0.05 = $55
Interest in 2nd = 1900 * 0.02 = $38
Total = 55 + 38 = $93 - correct!
:)