Question

An investor invested a total of $2,100 in two mutual funds. One fund earned a 5% profit while the other earned a 3% profit. If the investor’s total profit was $83, how much was invested in each mutual fund?

The amount invested in the mutual fund that earned 5% was $___.

The amount invested in the mutual fund that earned 3% was $___.

Answer 1

The amount invested in the mutual fund that earned 5% was $1000.

The amount invested in the mutual fund that earned 3% was $1100.

Explanation:

Let the amount invested in the mutual fund that was earned 5% be x and the amount invested in the mutual fund that earned 3% be y.

Statement 1:
`(5)/(100)`X+
`(3)/(100)`y = 83

Statement 2: x+y = 2100

I'll use the elimination method:

Statement 1 × 20: x+
`(60)/(100)`y = 1660

Minus Statement 1 × 20 from Statement 2: x+y-x-
`(60)/(100)`y = 2100-1660

`(40)/(100)`y = 440

y =
`(100)/(40)`×440

= 1100

x = 2100-1100

= 1000