Quantcast

Got Homework?

Connect with other students for help. It's a free community.

  • across
    MIT Grad Student
    Online now
  • laura*
    Helped 1,000 students
    Online now
  • Hero
    College Math Guru
    Online now

Here's the question you clicked on:

55 members online
  • 0 replying
  • 0 viewing

Baldwin777 Group Title

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?

  • one year ago
  • one year ago

  • This Question is Closed
  1. JakeV8 Group Title
    Best Response
    You've already chosen the best response.
    Medals 0

    The 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.

    • one year ago
  2. JakeV8 Group Title
    Best Response
    You've already chosen the best response.
    Medals 0

    And 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.

    • one year ago
  3. JakeV8 Group Title
    Best Response
    You've already chosen the best response.
    Medals 0

    Total profit = (amount in fund A)(profit percentage from fund A) + (amt in B)(profit % from B)

    • one year ago
  4. JakeV8 Group Title
    Best Response
    You've already chosen the best response.
    Medals 0

    Total profit = $55 = x * 5% + (1300 - x) * 3%

    • one year ago
  5. Baldwin777 Group Title
    Best Response
    You've already chosen the best response.
    Medals 0

    see I am lost becsuse I keep multiplying it but getting 65 wihch I know is wrong, let me try again

    • one year ago
  6. Baldwin777 Group Title
    Best Response
    You've already chosen the best response.
    Medals 0

    would it be 39.05?

    • one year ago
  7. JakeV8 Group Title
    Best Response
    You've already chosen the best response.
    Medals 0

    You 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.

    • one year ago
  8. Baldwin777 Group Title
    Best Response
    You've already chosen the best response.
    Medals 0

    That is where I am confused at, I don't know how to solve for x

    • one year ago
  9. JakeV8 Group Title
    Best Response
    You've already chosen the best response.
    Medals 0

    55 = 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)

    • one year ago
  10. JakeV8 Group Title
    Best Response
    You've already chosen the best response.
    Medals 0

    So: 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

    • one year ago
  11. JakeV8 Group Title
    Best Response
    You've already chosen the best response.
    Medals 0

    It's just a matter of step by step, moving terms around to isolate "x".

    • one year ago
  12. JakeV8 Group Title
    Best Response
    You've already chosen the best response.
    Medals 0

    I'm sorry, but I have to run... but I think you have good help arriving :)

    • one year ago
  13. Baldwin777 Group Title
    Best Response
    You've already chosen the best response.
    Medals 0

    Thank you

    • one year ago
  14. Hero Group Title
    Best Response
    You've already chosen the best response.
    Medals 0

    Total 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

    • one year ago
  15. Baldwin777 Group Title
    Best Response
    You've already chosen the best response.
    Medals 0

    Okay so which one is 5% and 3%?

    • one year ago
  16. Baldwin777 Group Title
    Best Response
    You've already chosen the best response.
    Medals 0

    lol ok

    • one year ago
    • Attachments:

See more questions >>>

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
  • 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.

This is the testimonial you wrote.
You haven't written a testimonial for Owlfred.