Question

HELP PLEASE I BEG

Juan had $19000 and chose to split the money into two different mutual funds. During the first year, Fund A earned 7% interest and Fund B earned 3% interest. If he received a total of $1042 in interest, how much had he invested into each account?

Juan invested $_____ into Fund A.
Juan invested $_____ into Fund B.

Answer 1

Juan invested $ 11,800 in Fund A and $ 7,200 in Fund B.

Explanation:

Given that Juan invested $ 19000 in two mutual funds, and Fund A earned 7% profit during the first year, while Fund B earned 3% interest, if he received a total of $ 1042 profit, to determine how much she had invested in each mutual fund the following calculation must be performed:

19000 x 0.07 + 0 x 0.03 = 1330

15000 x 0.07 + 4000 x 0.03 = 1170

11000 x 0.07 + 8000 x 0.03 = 1010

11500 x 0.07 + 7500 x 0.03 = 1030

11800 x 0.07 + 7200 x 0.03 = 1042

Therefore, Juan invested $ 11,800 in Fund A and $ 7,200 in Fund B.