Math

posted by .

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%.

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. MATH FOR LIBERAL ARTS

    Maria just inherited $10,000. Her bank has a savings account that pays 4.2% interest per year. Some of her friends recommended a new mutual fund, which has been in business for three years. During its first year, the fund went up in …
  2. math 141

    Maria just inherited $10,000. Her bank has a savings account that pays 4.1% interest per year. Some of her friends recommended a new mutual fund, which has been in business for three years. During its first year, the fund went up in …
  3. Algebra investment

    An investor had a total of 25,000 put into a portfolio of stocks, bonds, and mutual funds. In one year, he earned 8% on the stock investment, 10% on the bond investment and 6% on the mutual funds investment. The annual(simple interest) …
  4. College Algebra

    You plan to invest $12,000 in two funds paying 41/2% and 5% simple interest. (There is more risk in the 5% fund.) Your goal is to obtain a total annual interest income of $580 from the investment. What is the smallest amount you can …
  5. Statistics

    You have received a year-end bonus of $5000. You decide to invest the money in the stock market and have narrowed your investment options down to two mutual funds. the following data represent the historical quarterly rates of return …
  6. Finance

    On August 1, 2005 you invested $3,000 into a mutual fund. You then invested $1,000 into that same mutual fund on the first day of August for each of the years 2006 through 2013. You averaged a 7.25% annual rate of return on your investment …
  7. college math HELP!!!!!

    Sharon has a total of $190,000 to invest in three types of mutual funds: growth, balanced, and income funds. Growth funds have a rate of return of 12%/year, balanced funds have a rate of return of 10%/year, and income funds have a …
  8. math

    Your invest $3,000 annually in a mutual fund that earns 10 percent annually and you invest all distributors. How much will you have in the account at the end of 20 years?
  9. math

    You invested money into two funds. Last year,the first fund paid a dividend of 8% and the second a dividend of 5%, and you received a total of $1330. This year, the first fund paid a 12% dividend and the second only 2% and you received …
  10. Algebra 2

    Aimee inherited $15,000. She chose to invest it in a series of municipal bonds, mutual funds, and money market accounts, which paid annual interest rates of 5%, 6%, and 4%, respectively. She invested $2,000 more in mutual funds than …

More Similar Questions