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Answer: Juan invested $14,900 in Fund A and $9,500 in Fund B.
Step-by-step explanation:
Let x= Amount invested in Fund A .
Since , total amount invested = $24400
Then, Amount invested in Fund B = 24400-x
Fund A earned 4% interest and Fund B earned 6% interest.
Interest earned by Fund A= 4% of x = 0.04 x
Interest earned by Fund B= 6% of x = 0.06 ( 24400-x)
= 0.06(24400)-0.06x
= 1464-0.06x
Total interest = 0.04x+1464-0.06x= 1464-0.02x
If he received a total of $1166 in interest, then
So, Amount invested in Fund A = $14900
Amount invested in Fund B = $( 24400-14900 ) = $9500
Hence, Juan invested $14,900 in Fund A and $9,500 in Fund B.