Answer:
Juan invested $ 11,800 in Fund A and $ 7,200 in Fund B.
Step-by-step explanation:
Given that Juan invested $ 19000 in two mutual funds, and Fund A earned 7% profit during the first year, while Fund B earned 3% interest, if he received a total of $ 1042 profit, to determine how much she had invested in each mutual fund the following calculation must be performed:
19000 x 0.07 + 0 x 0.03 = 1330
15000 x 0.07 + 4000 x 0.03 = 1170
11000 x 0.07 + 8000 x 0.03 = 1010
11500 x 0.07 + 7500 x 0.03 = 1030
11800 x 0.07 + 7200 x 0.03 = 1042
Therefore, Juan invested $ 11,800 in Fund A and $ 7,200 in Fund B.
Simple interest
= $ {(300×6.2×1)/2}/100
= $ (1860/3)/100
= $ (620/100)
= $ 6.2
