Aldo invested his savings in two investment funds. The $24, 000that he invested in Fund A returned a 1% profit. The amount that he invested in Fund B returned a 5% profit. How much did he invest in Fund B, if both funds together returned a 2% profit?
Let's assume Aldo invested x amount in Fund B.
Amount invested in Fund A = $24,000
Profit from Fund A = 1% of $24,000
Profit from Fund A = (1/100) * $24,000
Profit from Fund A = $240
Profit from Fund B = 5% of x
Profit from Fund B = (5/100) * x
Total profit from both funds = 2% of total investment
Total profit = (2/100) * (x + $24,000)
Since the total profit is the sum of the individual profits from each fund, we can write the equation as:
$240 + (5/100) * x = (2/100) * (x + $24,000)
Multiplying through by 100 to remove the percentages:
240 + 5x = 2(x + 24000)
240 + 5x = 2x + 48000
Subtracting 2x from both sides:
3x + 240 = 48000
Subtracting 240 from both sides:
3x = 47760
Dividing by 3:
x = 15920
Therefore, Aldo invested $15,920 in Fund B.
To solve this problem, we need to set up an equation using the information given.
Let's assume Aldo invested x dollars in Fund B.
According to the information provided, Aldo invested a total of $24,000 in Fund A, which returned a 1% profit. This means that he earned 0.01 * $24,000 = $240 from Fund A.
He also invested x dollars in Fund B, which returned a 5% profit. This means that he earned 0.05 * x = 0.05x from Fund B.
The total profit from both funds is $240 + 0.05x.
We are told that the total profit is 2% of the total investment, which is $24,000 + x. So, 2% of ($24,000 + x) can be expressed as 0.02 * ($24,000 + x) = 0.02($24,000 + x).
Now we have an equation: 0.02($24,000 + x) = $240 + 0.05x.
To solve for x, we can start by simplifying the equation:
480 + 0.02x = $240 + 0.05x.
Next, we want to isolate the x term on one side of the equation:
0.05x - 0.02x = $480 - $240.
0.03x = $240.
Now, we can solve for x by dividing both sides of the equation by 0.03:
x = $240 / 0.03.
Calculating this, we find that x = $8,000.
Therefore, Aldo invested $8,000 in Fund B.
$X in plan A @ 1% profit.
$(24000-X) in plan B @ 5% profit.
1.01x + 1.05(24000-x) = 1.02*24000,
1.01x + 25,200 - 1.05x = 24,480,
-0.04x = 24,480 - 25,200 = -720,
X = $18,000 Invested in fund A.
24000 - x = 24000 - 18,000 = $6,000 Invested in fund B.