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Chapter 3: Q. 3.65 (page 349)

Remy has $14,000 to invest in two mutual funds. One fund pays interest at 4% per year and the other fund pays interest at 7% per year. How much should she invest in each fund if she wants to earn 6.1% interest on the total amount?

Short Answer

Expert verified

Remy should invest $4200in the fund that pays 4%and data-custom-editor="chemistry" $9800in the fund that pays7%.

Step by step solution

01

Step 1. Given information.

Consider the given question,

Remy has $14000to invest.

Interest of one fund is 4%.

Interest of another fund is 7%.

Assume x to be the amount invested at 4%. Then,

14000-x=amount invested at 7%

Make the table,

02

Step 2. Form the equation.

Consider the table, we can say,

0.04x+0.0714000-x=0.061140000.04x+980-0.07x=8540.03x=126x=4200

Then,

=14000-4200=9800

Therefore, Remy should invest $4200in the fund that pays 4%and $9800in the fund that pays7%.

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