SOLUTION: A rollover IRA of $19,200 was invested in two mutual funds, one earning 12% interest and the other earning 6%. After 1 year, the combined interest income is $1,542. How much was in
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Question 942375: A rollover IRA of $19,200 was invested in two mutual funds, one earning 12% interest and the other earning 6%. After 1 year, the combined interest income is $1,542. How much was invested at each rate?
You can put this solution on YOUR website! x = dollar amount invested at 12%
y = dollar amount invested at 6%
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x + y = 19200
0.12x + 0.06y = 1542
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put the system of linear equations into standard form
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x + y = 19200
0.12x + 0.06y = 1542
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copy and paste the above standard form linear equations in to this solver:
https://sooeet.com/math/system-of-linear-equations-solver.php
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solution:
x = 6500
y = 12700
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