SOLUTION: A rollover ira of $18050 was invested in two mutual funds one earning 12% interest and the other earning 10%. After 1 year the combined interest income is $2037. How much was inves
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Question 900083: A rollover ira of $18050 was invested in two mutual funds one earning 12% interest and the other earning 10%. After 1 year the combined interest income is $2037. How much was invested at each rate? Answer by richwmiller(17219) (Show Source):
You can put this solution on YOUR website! x+y=18050,
0.12*x+0.1*y=2037
x=18050-y
0.12*(18050-y)+0.1*y=2037
2166-0.12y+0.1*y=2037
-0.02*y=-129
y= 6450
x=18050-y
x=11600
check
0.12*11600+0.1*6450=2037
1392+645=2037
2037=2037
ok
