Question

An investor invested a total of $2,800 in two mutual funds. One fund earned 5% profit while the other earned 3% profit. If the investor's total profit was $104, how much was invested in each mutual fund? The amount invested in the mutual fund that earned 5% was $(blank). The amount invested in the mutual fund that earned 3% was $(blank). (show your work)

Answer 1

Answer:

The amount invested in the mutual fund that earned 5% was $1,000

The amount invested in the mutual fund that earned 3% was $1,800

Step-by-step explanation:

Let

x ----> the amount invested in the mutual fund that earned 5%

y ----> the amount invested in the mutual fund that earned 3%

we know that

$x+y=2,800$ ----> $y=2,800-x$ ----> equation A

$5\%=5/100=0.05$

$3\%=3/100=0.03$

$0.05x+0.03y=104$ ----> equation B

Solve the system by substitution

substitute equation A in equation B

$0.05x+0.03(2,800-x)=104$

Solve for x

$0.05x+84-0.03x=104$

$0.05x-0.03x=104-84$

$0.02x=20$

$x=\ 1,000$

Find the value of y

$y=2,800-x$

$y=2,800-1,000=\ 1,800$

therefore

The amount invested in the mutual fund that earned 5% was $1,000 and the amount invested in the mutual fund that earned 3% was $1,800