SOLUTION: you invested money in two funds. last year, the first fund paid a dividend of 9% and the second a dividend of 3, and you received a total of $942. this year, the first fund paid a
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-> SOLUTION: you invested money in two funds. last year, the first fund paid a dividend of 9% and the second a dividend of 3, and you received a total of $942. this year, the first fund paid a
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Question 798960: you invested money in two funds. last year, the first fund paid a dividend of 9% and the second a dividend of 3, and you received a total of $942. this year, the first fund paid a 10% dividend and the second only 1%, and you received a total of $846. how much money did you invest in each total fund? Answer by Finavon(81) (Show Source):
You can put this solution on YOUR website! Fund1 a; Fund2 b
Last year: a*0.09+b*0.03=942 (1)
This year: a*0.10+b*0.01=846 (2)
x100; 3*(2)-(1)
3*(10a+b) - (9a+3b)=3*84600 - 94200
30a-9a+3b-3b = 253800-94200
21a = 159600
3a=22800
a=7600
(1) 7600*.09+.03*b=942
Check (2)
760+86 = 846
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