# Math

. Vern sold his 1964 Ford Mustang for \$55,000 and
wants to invest the money to earn him 5.8% interest
per year. He will put some of the money into Fund A
that earns 3% per year and the rest in Fund B that
earns 10% per year. How much should he invest into
each fund if he wants to earn 5.8% interest per year on
the total amount?
So I have the answer for this but I not sure on the method.
I believe you are suppose to set it up like I=PRT but with there being two equation. I get lost

1. 👍 0
2. 👎 0
3. 👁 131
1. amount invested at 10% interest ---- x
amount invested at 3% interest ---- y

x + y = 55000 ----> y = 55000-x
.10x + .03y = .058(55000)
multiply each term by 100
10x +3y = 5.8(55000) = 319000
now use substitution:
10x + 3(55000-x) = 319000

tidy it up ....

1. 👍 0
2. 👎 0
posted by Reiny
2. whoa where u get 319000 from?

1. 👍 0
2. 👎 0
3. it shouldve been 3190.
this is what I have....
A=55000-B
55000(.058)(1)
.03A+(55000-B)(.1)
3190=.03B+5500-.1B
.....It should come out to 33000 for B and A is 22000.
I appreciate the help because it gives me some kind of guidance of where to begin at

1. 👍 0
2. 👎 0
4. I skipped the obvious step from
.10x + .03y = .058(55000)
to
.10x + .03y = 3190
now multiply each term by 100
10x + 3y = 319000

1. 👍 0
2. 👎 0
posted by Reiny
5. why would u multiple by 100 if you have 3190. that part you lost me. I made a mistake earlier .03a should be .03b+(55000-B)

1. 👍 0
2. 👎 0
posted by Josh

## Similar Questions

1. ### ENGLISH

How would you rewrite the following claim to remedy problems of ambiguity? Do not assume that common sense by itself solves the problem. "I am a huge Mustang fan." --- Ford Mustang advertisement ANSWERS: 1. I am a big man, and I

asked by Jim on November 7, 2010
2. ### algebra

In 2009, Ford sold 4,817,000 new vehicles worldwide. This represents a 28.32% decrease over the number of new vehicles sold by Ford in 2003. Use this information to find the number of new vehicles sold by Ford in 2003. *show work

asked by jaimecarlon on May 9, 2015
3. ### Economics (inflation)

Hello! Could someone please check my answers for the first 2 problems and help me out with the 3rd? Thanks! 1. If the CPI in 1863 was 9 and the CPI in 2000 was 171.9, how much has inflation increased (%) since 1863? I used the

asked by Lisa on January 4, 2012
4. ### Math

Jason Printing has \$85,000 to invest. They can invest in Wilder Revenue at 10% compounded semiannually or at Cheapskate Investments at 9.8% compounded monthly. a. Calculate the two APYs and compare them to determine your answer.

5. ### Precalc

suppose you want to invest \$60,000 for ten years. You can invest your money in a CD that earns 4% interest, compounded quarterly and has no risk, or you can invest your money in futures that ear 10% interest, compounded quarterly.

asked by Sophia on November 5, 2015
6. ### Math

I am sorry I didn't complete the problem Here is the question: Doris invested some money at 7% and some money at 8%. She invested \$6,000 more at 8% than she did at 7%. Her yearly total from the two investments was \$7.80. How much

asked by Marcus on July 1, 2014
7. ### Math

Betsy, a recent retiree, requires \$6,000 per year in extra income. She has \$60,000 to invest and can invest in B-rated bonds paying 13% per year or in a certificate of deposit (CD) paying 3% per year. How much money should be

asked by Lisa on October 6, 2010

You have just received good news. You have inherited \$1,000,000 from a distant relative. You have to meet two goals with the money: one, start a small business and not spend more than \$250,000 in total in the next 2 years, and

asked by Anonymous on June 21, 2014
9. ### math

Tamika’s dad bought a Mustang convertible for 12,000 dollars to celebrate his first job in 1978, which paid him 15,000 dollars a year. If Tamika is to use the same fraction of her salary as her dad to buy a Mustang convertible,

asked by Jack on December 4, 2017
10. ### Alg 1

Tamika’s dad bought a Mustang convertible for 12,000 dollars to celebrate his first job in 1978, which paid him 15,000 dollars a year. If Tamika is to use the same fraction of her salary as her dad to buy a Mustang convertible,

asked by Anonymous on December 12, 2017

More Similar Questions