Question

Carl invests $10000, partly in a secure GIC at 5% and the rest in a mutual fund that he thinks will earn 7.5%.

If he expects to earn the same amount of interest in both, how much did he invest at each rate?

Answer 1

0.05(x) = 0.075(10,000 - x)

the equation for interest is interest=(principle)(rate)(time)

the time for both are the same, so it cancels