Answer:
$18,000 was invested in the high-risk venture fund and $12,000 was invested in the mutual fund.
Step-by-step explanation:
In this problem we have two unknowns: the amount invested in the high-risk venture fund and , the amount invested in the mutual fund and we know that the sum of and is $30,000.
The amount earned ($2,790) can be expressed in the following equation:
, where is multiplied by 11.5% and b is multiplied by 6%
Since we know that the sum of and is $30,000, we can rearrange that equation to solve for , as follows:
We can now replace in the earlier equation to obtain an expression with only one unknown value:
Which can be rearranged and solved for :
Now, using the fact that we can find :
Therefore, $18,000 must have been invested in the high-risk venture fund at 11.5% and $12,000 in the mutual fund at 6%