Problema Solution
An investor invested a total of $1,500 in two mutual funds. One fund earned a 9% profit while the other earned a 3% profit. If the investor's total profit was $93.00, how much was invested in each mutual fund?
Answer provided by our tutors
Let the amount invested in 9% profit fund is x then the amount invested in 3% profit fund = 1500- x
So,
0.09x + 0.03(1500 - x) = 93
0.09x + 45 - 0.03x = 93
0.06x = 93 - 45
0.06x = 48
x = 48/0.06 = 800
So,
Amount invested in 9% profit fund = $800
Amount invested in 3% profit fund = $(1500 - 800) = $700