A $10,000 investment is made partly in a GIC at 5% and partlly in a mutual fund that will earn 7.5%. If the same amount of inter

Question

Katarina [22]

3 years ago

9

A $10,000 investment is made partly in a GIC at 5% and partlly in a mutual fund that will earn 7.5%. If the same amount of inter

est is earned in both, how much was invested in each rate?

Mathematics

1 answer:

kvv77 [185] · Answer 1 · 2022-02-01T08:32:34+03:00

Hi there

If the same amount of interest is earned in both so we should create the equation according to that

0.05x=0.075 (10000-x)
Solve for x
0.05x=0.075×10000-0.075x
0.05x=750-0.075x
0.05x+0.075x=750
0.125x=750
X=750÷0.125
X=6000 invested at 5%

10000-6000=4000 invested at 7.5%

Check your answer
0.05×6000=0.075×4000
300=300

Good luck!