Problema Solution
After one year johnny's two mutual funds returned $4300 the first fund returned 14%, and the second, in which he invested 13,000 more, returned 3%. What was the amount of Johnny's original investment?
Answer provided by our tutors
let
x = the amount Johnny invested in the first fund
x + 13,000 = the amount Johnny invested in the second fund
0.14*x + 0.03*(x + 13000) = 4300
by solving the equation we find
x = $23,000
click here to see the step by step solution of the equation
x + x + 13000 = 2x + 13000 = 2*23000 + 13000 = $59,000
the amount of Johnny's original investment was $59,000.