Problema Solution
An investor invested a total of $1,700 in two mutual funds. One fund earned a 8% profit while the other earned a 6% profit. If the investor's total profit was $114, how much was invested in each mutual fund?
Answer provided by our tutors
We know we should set a equation to solve the problem!
First,we need to set a unknown quantity and we always know who to be set from the question.
We can set one of the mutual funds that the investor invested is X,and the other one is 1700-X.
From the first mutual fund the investor earned a 8% profit,so the profit of the first fund is X*8%;
also the profit of the other fund is (1700-X)*6%.
From the title we know the total profit is 114 dollars.
so we can set the equation as:
X*8%+(1700-X)*6=114,
and we get the answer X=600 dollars.
So,the first mutual fund is 600 dollars,and the other fund is 1700-600=1100 dollars.
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