1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Thepotemich [5.8K]
3 years ago
14

Vern sold his 1964 Ford Mustang for $55,000 and wants to invest the money to earn him 3.6% interest per year. He will put some o

f the money into Fund A that earns 2% per year and the rest in Fund B that earns 10% per year. How much should he invest into each fund (in dollars) if he wants to earn 3.6% interest per year on the total amount?
Mathematics
1 answer:
noname [10]3 years ago
4 0

Answer: He should invest $44000 in fund A and $11000 in fund B.

Step-by-step explanation:

Let x represent the amount which he invested in fund A.

Let y represent the amount which he invested in fund B.

Vern sold his 1964 Ford Mustang for $55,000 and wants to invest the money to earn him 3.6% interest per year. He will put some of the money into Fund A that earns 2% per year and the rest in Fund B that earns 10% per year.. This means that

x + y = 55000

The formula for determining simple interest is expressed as

I = PRT/100

Considering fund A,

P = $x

T = 1 year

R = 2℅

I = (x × 2 × 1)/100 = 0.02x

Considering fund B,

P = $y

T = 1 year

R = 10℅

I = (y × 10 × 1)/100 = 0.1y

The interest that he wants to earn on the total amount in a year is 3.6%. The interest would be

I = (55000 × 3.6 × 1)/100 = 1980

Therefore,

0.02x + 0.1y = 1980 - - - - - - - - - -1

Substituting x = 55000 - y into equation 1, it becomes

0.02(55000 - y) + 0.1y = 1980

1100 - 0.02y + 0.1y = 1980

- 0.02y + 0.1y = 1980 - 1100

0.08y = 880

y = 880/0.08

y = 11000

x = 55000 - y = 55000 - 11000

x = 44000

You might be interested in
Calculate the average between 200 and 4100
yKpoI14uk [10]
<span>4300 / 2 = 2150

Just simply divide</span>
8 0
3 years ago
Read 2 more answers
A test tube initially holds 25 bacteria. The population of bacteria in the test tube doubles each hour. Without making a graph,
9966 [12]
5 hours because 800/25=32 32= 2^5 25 X 1 = 25 25 X 2 = 50 AFTER FIRST HOUR 25 X 2^5 = 800 AFTER FIFTH HOUR
5 0
3 years ago
Read 2 more answers
6 cm x cm 60 square cm
klio [65]
360 square centimeters (?)

I hope I helped :-)

3 0
3 years ago
Least to greatest 87% 0.432 2/8
Scorpion4ik [409]

Answer: 2/8, 0.432, 87%

Step-by-step explanation:

4 0
2 years ago
Read 2 more answers
I’ll mark you if you get the right answer and I have another problem so if you can find it pls help!
Mrac [35]

Answer:

D

Step-by-step explanation:

1/2 * 3/4 equals 0.375 which is less than .5

.5= 1/2

so therefore,  im right i guess.

5 0
2 years ago
Other questions:
  • 20 characters you happy now?
    14·1 answer
  • Please help me! Due Thursday!
    8·1 answer
  • 1. Michael obtained a 30-year, $90,000 mortgage with an interest rate of 8 percent, what is the interest For
    12·1 answer
  • WILL GIVE BRAINLEIST : A party hat is in the shape of a cone. What is the volume of the hat in cubic centimeters?​
    9·1 answer
  • The measurement of the complement of an angle is 40° more than the angle. What is the supplement for the angle?
    15·2 answers
  • Exit
    11·2 answers
  • Express the ratio as a fraction in simplest form:<br> 18 ounces to 3 cups
    14·2 answers
  • Can somebody plz help answer these questions correctly thanks! (Grade7math) btw :)
    8·1 answer
  • The residents of a city voted on whether to raise property taxes. The ratio of yes votes to no votes was 3 to 4. If there were 2
    13·1 answer
  • Find the volume of this triangular prism.<br> 6 cm<br> 7 cm<br> 10 cm
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!