Problema Solution
Liam invested some money in the abernathy fund at 7% simple interest and twice as much at twice the rate in the carlson fund . if the simple interesr income from the two funds totaled 1406.30 then how much was invested in each fund ?
Answer provided by our tutors
Let the amount in Abernathy Fund be 100y
In Carlson Fund = 200y
Interest earned in AF = 100y x 7/100 x 1 = 7y
Interest earned in CF = 200y X 14/100 x 1 = 28y
Total = 35x = 1406.30
x = 1406.30 /35 = 40.18
So amount invested in AF = 4018$ and CF = 8036 $