Problema Solution
An investor invested $3400 in two mutual funds. One earned an 8% profit, while the other earned a 6% profit. If the investors total profit was $232, how much was invested in each mutual fund?
Answer provided by our tutors
interest = principal * rate * time
we take time to be equal to 1
let 'x' represent the amount invested at 8%, then '3400-x' represents the amount invested at 6%
232 = 0.08x + 0.06(3400-x)
solving for 'x' we have x=1400
3400-1400 = 2000
$1,400 was invested at 8%, $2,000 was invested at 6%