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Mr udoh invested an amount in two separate finance firms in the ratio 3:5

his profit was calculated in 8% and 10% respectively . after a year he recieved a profit an interest of 92000. caculate the total amount invested​

1 Answer

4 votes

Answer:

$994,594.59

Explanation:

If the investments were in the ratio 3:5, the returns on those investments were ...

3×0.08 +5×0.10 = 0.74 . . . . . ratio units

This return is $92,000, so each ratio unit of investment is ...

$92,000/0.74 = $124,324.32 (and change)

The total investment was 8 ratio units, so was ...

$124,324.32 × 8 = $994,594.59 . . . . total amount invested.

_____

Check

3/8 of the invested amount earned 8%, so that interest was ...

$994,594.59×(3/8)×(0.08) = $29,837.84

5/8 of the invested amount earned 10%, so that interest was ...

$994,594.59×(5/8)×(0.10) = $62,162.16

The total interest earned was $29,837.84 +62,162.16 = $92,000.

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