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Math

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A person invests $4500.oo into 2 different mutual funds. The first has a 4.5% interest rate the second 6%. He made a total of $225 in the investment. How much did he invest in each fund?

  • Math -

    Invested $X @ 4.5%.
    Invested $(4500-X) @ 6%.
    Investment assumed to be for 1 year.

    .045x + 0.06(4500-x) = $225.
    .045x + 270 - 0.06x = 225
    -0.015x = 225 - 270 = -45
    X = $3000 @ 4.5%.
    4500-x = 4500-3000 = $1500 @ 6%.

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