You invested money in two funds. Last​ year, the first fund paid a dividend of​ 9% and the second a dividend of​ 3%, and you received a total of ​$942 . This​ year, the first fund paid a​ 10% dividend and the second only​ 1%, and you received a total of ​$867 . How much money did you invest in each​ fund?

waigaK

waigaK

Answered question

2020-12-05

You invested money in two funds. Last​ year, the first fund paid a dividend of​ 9% and the second a dividend of​ 3%, and you received a total of ​$942 . This​ year, the first fund paid a​ 10% dividend and the second only​ 1%, and you received a total of ​$867 . How much money did you invest in each​ fund?

Answer & Explanation

d2saint0

d2saint0

Skilled2020-12-06Added 89 answers

Let x be the amount invested in the first fund and y be the amount invested in the second fund.
Last your, the interest was $858 so: 0.092x + 0.03y = 942 (1)
This year, the interest was $832 so:
0.10x + 0.01y = 867 2)
Solve by elimination. Here, I will eliminate y first. Multiply (2) by 3 to obtain (3): 0.30x + 0.03y = 2601 3)
Subtract each side of (1) and (3) and solve for x:
0.21x = —1659
x=16590.21
x=7900
Solve for y using (2): 0.10(7900) + 0.01y = 867
790+0.01y = 867
0.0ly = 77
y= 7700
So, the amounts invested are:
first fund >$7900
second fund $7700

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