You have $32,000 that you invested in two mutual funds last year. The first fund, the International Fund, paid the equivalent of 6% simple interest. The second fund, the Real Estate fund, paid 4.5% simple interest. If the total earned in that year was $1755, how much did you invest in each account. Find the solution using only one variable as we did in the examples this week.
You have $32,000 that you invested in two mutual funds last year. The first fund, the International Fund, paid the equivalent of 6% simple interest. The second fund, the Real Estate fund, paid 4.5% simple interest. If the total earned in that year was $1755, how much did you invest in each account. Find the solution using only one variable as we did in the examples this week.
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Related questions
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A state employees' pension fund invested a total of one million dollars in two accounts that earned 3.5% and 4.5% annual simple interest. At the end of the year, the total interest earned from the two investments was $39,000. How much was invested at each rate?
$ | at 3.5% |
$ | at 4.5% |
10.Write a system of two equations in two variables to solve the problem.
In investing $6,100 of a couple's money, a financial planner put some of it into a savings account paying 6% annual simple interest. The rest was invested in a riskier mini-mall development plan paying 12% annual simple interest. The combined interest earned for the first year was $570. How much money was invested at each rate?
6% annual interest | $ |
12% annual interest | $ |