You have $6000 to invest in two stock funds. The first fund pays 5% annual interest and the second account pays 9% annual interest. If after a year you have made $380 in interest, how much money did you invest in each account?
1 Answer
Jun 4, 2016
4000 @ 5%
2000 @ 9%
Explanation:
Let
Since the total amount to invest is $6000, the amount invested at 9% is
In 1 year, the interest earned for the 5% investment is
Meanwhile, the interset earned for the 9% investment is