Answer:
There were $13,200 in Fund B.
Step-by-step explanation:
We are given the following in the question:
Let x be the amount in Fund A and y be the amount in Fund B.
The amount he invested in Fund A was 2000$ less than the amount he invested in Fund B.
Thus, we can write the equation:
[tex]x = y -2000[/tex]
Profit percent on Fund A = 7%
Profit percent on Fund B = 8%
Total profit = $1960
Thus, we can write the equation:
[tex]7\%(x) + 8\%(y) = 1960\\7x + 8y = 196000[/tex]
Solving the two equations by substitution, we get,
[tex]7(y-2000) + 8y = 196000\\\Rightarrow 15y = 198000\\\Rightarrow y = 13200\\\Rightarrow x = 11200[/tex]
Thus, there were $13,200 in Fund B.
