Let x be the amount Mr Elliot invested in gold bullion.
Therefore, the amount he invested in the bank is $150,000 - x.
Given that he earned a 5% profit on the gold bullion investment and a 3% profit on the bank investment, we can write the equation:
0.05x + 0.03($150,000 - x) = $5,500
0.05x + $4,500 - 0.03x = $5,500
0.02x = $1,000
x = $1,000 / 0.02
x = $50,000
Therefore, Mr Elliot invested $50,000 in gold bullion.
mr elliot, is extremely careful with his money. He recently invest part of his $150,000 life saving in gold bullion and the rest in a bank which claims to have a nuclear blast proof safe. Mr elliot earned a 5% profit on his gold bullion inventment and a 3% profit on the money in the bank. If he made a total profit of $5,500 from both investments, how much did he invest in gold bullion?
1 answer