Problema Solution
Carol has 8,000 invested in two mutual funds. One fund pays an interest rate of 2.7%, and the other pays an interest rate of 3.1%. Carol received a totoal of 226.00 in interest. How much is invested in each account?
Answer provided by our tutors
let
x = the amount invested at interest rate of 2.7%
y = the amount invested at interest rate of 3.1%
x + y = 8000
0.027x + 0.031y = 226.00
by solving the system of equations we find
x = $5,500
y = $2,500
click here to see the step by step solution of the system of equations
Carol invested $5,500 at the fund that pays 2.7% interest and $2,500 at the fund that pays 3.1%.