Word Problem, Algebra?
Here's the question. I really need some help to solve it. An investor uses $2200 to make an initial investment between 2 mutal investments. One pays 3% and the other pays 7%. The investor was able to make a profit of $94. How much did he initially invest in each account?
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Verified answer
Let x = amount invested at 3% then 2200 - x = amount invested at 7%
so 94 = 3% of x + 7% of (2200-x)
==> 94 = 3x/100 + 7(2200 -x)/100
==> 9400 = 3x + 15200 - 7x
==> 4x = 15200 - 9400
==> 4x = 5800
==> x = 1450
So, $1450 at 3% and $2200 - $1450 = $750 at 7%