Let's call the amount of money Maria has invested in the first fund "x" and the amount she has invested in the second fund "y".
We know that x + y = 12,000 (since that's the total amount of money she has invested).
We also know that the first fund earns 6% simple interest per year, so the amount of interest Maria earns on that fund is 0.06x. Similarly, the second fund earns 7% simple interest per year, so the amount of interest Maria earns on that fund is 0.07y.
We're told that the combined interest earned on both funds is $817:
0.06x + 0.07y = 817
Now we have two equations:
x + y = 12,000
0.06x + 0.07y = 817
We can use these equations to solve for x and y. Here's one way to do it:
1. Solve the first equation for one of the variables (let's say y):
y = 12,000 - x
2. Substitute this expression for y into the second equation:
0.06x + 0.07(12,000 - x) = 817
3. Simplify and solve for x:
0.06x + 840 - 0.07x = 817
-0.01x = -23
x = 2,300
So Maria has $2,300 invested in the first fund. To find the amount she has invested in the second fund, we can use the equation we found earlier:
y = 12,000 - x = 12,000 - 2,300 = 9,700
Therefore, Maria has $2,300 invested in the first fund and $9,700 invested in the second fund.
Maria has a total of $12,000 invested in two funds. The first fund pays simple interest at 6%
per year and the other pays simple interest at 7% per year. If the funds earn a combined
$817 in interest in one year, how much does she have invested in each fund?
1 answer