A community for students.
Here's the question you clicked on:
 0 viewing
Baldwin777
 2 years ago
An investor invested a total of $1,300 in two mutal funds. One fund earns a 5% profit while the other earned a 3% profit. If the investor's total profit was $55, how much was invested in each mutal fund?
Baldwin777
 2 years ago
An investor invested a total of $1,300 in two mutal funds. One fund earns a 5% profit while the other earned a 3% profit. If the investor's total profit was $55, how much was invested in each mutal fund?

This Question is Closed

JakeV8
 2 years ago
Best ResponseYou've already chosen the best response.0The total amount of money invested is $1300, so if "x" dollars go into the first fund, then "1300  x" dollars go into the second fund.

JakeV8
 2 years ago
Best ResponseYou've already chosen the best response.0And you are given the total profit as $55, so let's write an equation that uses the profit information... the total profit and the amount of profit earned in each fund.

JakeV8
 2 years ago
Best ResponseYou've already chosen the best response.0Total profit = (amount in fund A)(profit percentage from fund A) + (amt in B)(profit % from B)

JakeV8
 2 years ago
Best ResponseYou've already chosen the best response.0Total profit = $55 = x * 5% + (1300  x) * 3%

Baldwin777
 2 years ago
Best ResponseYou've already chosen the best response.0see I am lost becsuse I keep multiplying it but getting 65 wihch I know is wrong, let me try again

JakeV8
 2 years ago
Best ResponseYou've already chosen the best response.0You need to solve for x...that's the amount in the 5% account. Then subtract that x amount from 1300 to get the amount in the 3% account.

Baldwin777
 2 years ago
Best ResponseYou've already chosen the best response.0That is where I am confused at, I don't know how to solve for x

JakeV8
 2 years ago
Best ResponseYou've already chosen the best response.055 = x * 5% + (1300  x) * 3% To make it easier, why don't you multiply everything through by 100 to get rid of the percentages... 100 * 55 = 100 * x * 5% + 100 * (1300  x) * 3% Simplifying (on the right side, 100 times the percentage leaves just 5 and 3): 5500 = 5x + (1300  x)(3)

JakeV8
 2 years ago
Best ResponseYou've already chosen the best response.0So: 5500 = 5x + (1300  x)(3) Then simplify the last part by distributing the 3: 5500 = 5x + (3900  3x) And simplify again: 5500  3900 = 2x Then: 1600 = 2x which means: 800 = x

JakeV8
 2 years ago
Best ResponseYou've already chosen the best response.0It's just a matter of step by step, moving terms around to isolate "x".

JakeV8
 2 years ago
Best ResponseYou've already chosen the best response.0I'm sorry, but I have to run... but I think you have good help arriving :)

Hero
 2 years ago
Best ResponseYou've already chosen the best response.0Total amount invested x + y = 1300 Total profit: .03x + .05y = 55 Solve using systems of equations: x + y = 1300 .03x + .05y = 55 .03x + .03y = 39 .03x + .05y = 55 .03x + .05y = 55 .03x  .03y = 39 .02y = 16 y = 16/.02 y = 800 x = 500

Baldwin777
 2 years ago
Best ResponseYou've already chosen the best response.0Okay so which one is 5% and 3%?
Ask your own question
Sign UpFind more explanations on OpenStudy
Your question is ready. Sign up for free to start getting answers.
spraguer
(Moderator)
5
→ View Detailed Profile
is replying to Can someone tell me what button the professor is hitting...
23
 Teamwork 19 Teammate
 Problem Solving 19 Hero
 Engagement 19 Mad Hatter
 You have blocked this person.
 ✔ You're a fan Checking fan status...
Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.