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?
1 answer:
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!
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