SOLUTION: Jim invested his savings in two investment funds. The
$6000
that he invested in Fund A returned a
6%
profit. The amount that he invested in Fund B returned a
2%
profit.
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-> SOLUTION: Jim invested his savings in two investment funds. The
$6000
that he invested in Fund A returned a
6%
profit. The amount that he invested in Fund B returned a
2%
profit.
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Question 904838: Jim invested his savings in two investment funds. The
$6000
that he invested in Fund A returned a
6%
profit. The amount that he invested in Fund B returned a
2%
profit. How much did he invest in Fund B, if both funds together returned a
5%
profit?
You can put this solution on YOUR website! .05*6000=300
Total amount of money invested: $6000
x+y=6000,
Total yearly interest for the two accounts is: $300
0.06*x+0.02*y=300
x=6000-y
Substitute for x
0.06*(6000-y)+0.02*y=300
Multiply out
360-0.06y+0.02*y=300
Combine like terms.
-0.04*y=-60
Isolate y
y=$ 1500.00 at 2%
x=6000-y
Calculate x
x=$ 4500.00 at 6%
Check
0.06*4500+0.02*1500=300
270+30=300
300=300
If this statement is TRUE and neither amount is negative then all is well
