Problema Solution
You invested money in two funds. Last year, the first fund paid a dividend of 9% and the second a dividend of 3%, and you received a total of $984. This year, the first fund paid a %10 dividend and the second only 1%, and you received a total of $853. How much money did you invest in each fund?
Answer provided by our tutors
let
x = the money invested in the first fund
y = the money invested in the second fund
the first fund paid a dividend of 9% and the second a dividend of 3%, and you received a total of $984
0.09x + 0.03y = 984
this year, the first fund paid a %10 dividend and the second only 1%, and you received a total of $853
0.10x + 0.01y = 853
by solving the system of equations
0.09x + 0.03y = 984
0.10x + 0.01y = 853
we find
x = $7,500
y = $10,300
click here to see the step by step solution of the system of equations
$7,500 were invested in the first fund.
$10,300 we invested in the second fund.