Answer:
I believe the answer is A
Step-by-step explanation:
Hope this helps
Answer: Fund A = $33000
Fund B = $22000
Step-by-step explanation:
Let x represent the amount which he should invest in fund A.
Let y represent the amount which he should invest in fund B.
Vern sold his 1964 Ford Mustang for $55,000 and wants to invest the money to earn him 6.4% interest per year. He will put some of the money into Fund A that earns 4% per year and the rest in Fund B that earns 10% per year. This means that
x + y = 55000
The formula for determining simple interest is expressed as
I = PRT/100
Considering fund A,
P = $x
T = 1 year
R = 4℅
I = (x × 4 × 1)/100 = 0.04x
Considering fund B,
P = $y
T = 1 year
R = 10℅
I = (y × 10 × 1)/100 = 0.1y
The interest on the total amount is
0.064(x + y)
If he earns $216.00 in interest in one year from both accounts combined, it means that
0.04x + 0.1y = 0.064(x + y) - - - - - - -1
Substituting x = 55000 - y into equation 1, it becomes
0.04(55000 - y) + 0.1y = 0.064(55000 - y + y)
2200 - 0.04y + 0.1y = 3520
- 0.04y + 0.1y = 3520 - 2200
0.06y = 1320
y = 1320/0.06
y = 22000
x = 55000 - 22000
x = $33000
