Let x be the amount invested in the mutual fund that earned 7%, and y be the amount invested in the mutual fund that earned 2%. Then we have:
x + y = 2000 (the total amount invested is $2,000)
0.07x + 0.02y = 120 (the total profit is $120)
To solve for x and y, we can use the first equation to solve for y in terms of x:
y = 2000 - x
Substituting this into the second equation, we get:
0.07x + 0.02(2000 - x) = 120
Simplifying this equation, we get:
0.05x + 40 = 120
Subtracting 40 from both sides, we get:
0.05x = 80
Dividing both sides by 0.05, we get:
x = 1600
So the amount invested in the mutual fund that earned 7% was $1,600. To find the amount invested in the mutual fund that earned 2%, we can use the equation:
y = 2000 - x
y = 2000 - 1600
y = 400
So the amount invested in the mutual fund that earned 2% was $400.
An investor invested a total of $2,000 in two mutual funds. One fund earned a 7% profit while the other earned a 2% profit. If the investor's total profit was $120, how much was invested in each mutual fund?
The amount invested in the mutual fund that earned 7% was $___.
The amount invested in the mutual fund that earned 2% was $___.
1 answer
1 answer