Problema Solution
investor invested $2200 into 2 mutual funds, 1 earned a 7% profit, the other a 3% profit, total profit was $142, how much was invested into each fund
Answer provided by our tutors
Total amount invested 2200
Let the mutual funds be X &Y
x+y=2200
which can be x=2200-y
1 earned a 7% profit, the other a 3% profit, total profit was $142
7%x+3%y=142
7/100x+3/100y=142
7x+3y=14200
7(2200-y)+3y=14200
15400-7y+3y=14200
4y=1200
Y=300
x=2200-300=1900