Problema Solution
An investor invest $3500 in two mutual funds. One earned 8% profit the other earned 6% profit. If the investors total profit is $242 how much was invested in each mutual fund?
Answer provided by our tutors
Let 'x' and 'y' stand for the amount of money invested in the 8% and 6% fund respectively. We can write:
x+y=3500
.08x+.06y=242
Using Algebrator to solve for x and y, we get:
x=$1600
y=$1900