Help algebra exam!! please?
An investor invested a total of 1,600 in two mutual funds. One fund earned 8% profit while the other earned a 2% profit. If the investors total profit was $116, how much was invested in each fund?
An investor invested a total of 1,600 in two mutual funds. One fund earned 8% profit while the other earned a 2% profit. If the investors total profit was $116, how much was invested in each fund?
Comments
Let x = amount invested at 8%
Then 1600 - x = amount invested at 2% So
.08x + .02(1600 - x) = 116
.08x + 32 - .02x = 116
.06x = 84
x = 1400 at 8%, so 200 was invested at 2%