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Juan had $23300 and chose to split the money into two different mutual funds. During the first year, Fund A earned 3% interest and Fund B earned 7% interest. If he received a total of $1243 in interest, how much had he invested into each account?

 

Fund A:

Fund B:

Guest Apr 25, 2017
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Let the amount invested in Fund A = F

Then the amount invested in Fund B =23,300 - F

 

 

0.03F + 0.07[23,300 -F] = 1,243, solve for F

F =$9,700 - Amount invested in Fund A

23,300 - 9,700 =$13,600 - Amount invested in Fund B

Guest Apr 25, 2017

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