an investor invested a total of 1702 mutual funds. One fun earned a 4% profit while the other earned a 2% profit if the investors total profit was $62, how much was invested in each mutual fund
help!!
If $x was invested at 2%, then the rest (1702-x) is at 4%, so now add up the total profit
.02x + .04(1702-x) = 62
Solve for x and then get 1702-x
so what is the amount invested in the mutual fund that earned 2%?
X0x0
oobleck told you how.Your answer is x. If you can not solve
.02x + .04(1702-x) = 62
for x we are in serious trouble.
To solve this problem, let's set up an equation based on the information given. Let's represent the amount invested in the mutual fund that earned a 4% profit as 'x' and the amount invested in the mutual fund that earned a 2% profit as 'y'.
We can set up the following equations:
Equation 1: x + y = 1702 (since the investor invested a total of 1702 mutual funds)
Equation 2: 0.04x + 0.02y = 62 (since the total profit earned from the investments is $62)
Now, we can solve these equations to find the values of 'x' and 'y':
From Equation 1, we can rewrite it as y = 1702 - x.
Substituting this value of y into Equation 2, we get:
0.04x + 0.02(1702 - x) = 62
Now, we can solve for x:
0.04x + 34.04 - 0.02x = 62
0.02x + 34.04 = 62
0.02x = 62 - 34.04
0.02x = 27.96
x = 27.96 / 0.02
x = 1398
So, the amount invested in the mutual fund that earned a 4% profit is $1398. Now, we can find the amount invested in the mutual fund that earned a 2% profit by substituting the value of x into Equation 1:
y = 1702 - 1398
y = 304
Therefore, the amount invested in each mutual fund is $1398 and $304, respectively.