SOLUTION: Investor invested a total of $3400 in 2 mutual funds. One fund earned 4% profit and the other earned 2% profit. If the investor's total profit was $96 how much was invested in ea
Algebra ->
Finance
-> SOLUTION: Investor invested a total of $3400 in 2 mutual funds. One fund earned 4% profit and the other earned 2% profit. If the investor's total profit was $96 how much was invested in ea
Log On
Question 788969: Investor invested a total of $3400 in 2 mutual funds. One fund earned 4% profit and the other earned 2% profit. If the investor's total profit was $96 how much was invested in each mutual fund? Answer by mananth(16946) (Show Source):
You can put this solution on YOUR website! Part I 4.00% per annum ------------- Amount invested =x
Part II 2.00% per annum ------------ Amount invested = y
3400
Interest----- 96.00
Part I 4.00% per annum ---x
Part II 2.00% per annum ---y
Total investment
x + 1 y= 3400 -------------1
Interest on both investments
4.00% x + 2.00% y= 96
Multiply by 100
4 x + 2 y= 9600.00 --------2
Multiply (1) by -4
we get
-4 x -4 y= -13600.00
Add this to (2)
0 x -2 y= -4000
divide by -2
y = 2000 - x)
Part I 4.00% $ 1400
Part II 2.00% $ 2000
