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I need urgent help in this math problem! Thanks a lot!?
Kelly invested her savings of $4800. She invested part in mutual funds, at 9% per year, and the rest in GICs, at 10% per year. At the end of the year, the interest from the mutual funds investment was $43 less than the interest from the GIC investment. How much was invested in each type of investment (that is the mutual funds and the GIC) ?
Thanks a lot! Your help is greatly appreciated!
1 Answer
- 1 decade agoFavorite Answer
Let x represent the amount of money invested in GICs.
Hence, we shall let (4800-x) represent the money invested in mutual funds. (You could do it the other way, too.)
Now, the rates: 10% and 9%, respectively.
Set up the equation: 0.1x - 0.09(4800-x) = 43
0.1x - 432 + 0.09x = 43
0.19x = 475
100(0.19x) = 100(475)
19x = 47500
Divide each side by 19, get x= 2500
Hence, 4800-x is 2300
Mutual fund: 2300$
GICs: 2500$
Source(s): Mathmaster :P