Answer:
The amount invested in gold bullion by Mr. Eliot = $50,000
Step-by-step explanation:
Total amount of savings Me. Eliot ha s = $150,000
Let us assume the amount invested in gold bullion = $m
So, the amount invested in bank = $150,000 - m
Now, 5% on m = ![\frac{5}{100} \times m = 0.05 m](https://tex.z-dn.net/?f=%5Cfrac%7B5%7D%7B100%7D%20%20%5Ctimes%20m%20%3D%200.05%20m)
So, the profit in gold bullion = 0.05 m
and 3% on (150,000 -m) = ![\frac{3}{100} \times (150,000 -m) = 0.03 (150,000 -m)](https://tex.z-dn.net/?f=%5Cfrac%7B3%7D%7B100%7D%20%20%5Ctimes%20%20%28150%2C000%20-m%29%3C%2Fp%3E%3Cp%3E%20%3D%200.03%20%20%28150%2C000%20-m%29%20%20)
= 4,500 - 0.03 m
So, the profit in bank = 4,500 - 0.03 m
Now, the total profit = $5,500
⇒Profit from gold bullion + ban = $5,500
⇒0.05 m + 4,500 - 0.03 m = $5,500
or, 0.02 m = 1000
⇒ m = 1000/0.02 = 50,000
Hence, the amount invested in gold bullion = m = $50,000