How much invested in each type of investment? Define the variables. Kelly invested her savings of $4800. She invested part in mutual funds, at 9%/yr & the rest in GIC at 10%/yr. At end of year, the...
How much invested in each type of investment?
Define the variables.
Kelly invested her savings of $4800. She invested part in mutual funds, at 9%/yr & the rest in GIC at 10%/yr. At end of year, the interest from mutual funds investment was $43 less than interest from GIC investment.
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Let x be the amount invested in the mutual fund and let y be the amount invested in the GIC.
Since the amount at the end of an investment period is `A=P(1+i)` , this means that the interest at the end of the investment period is I=Pi:
The amount of interest at the end of the year for the mutual...
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Let x = amount in mutuals, then we know the amount in GIC is 4800 - x. Hence:
x * 0.09 + 43 = (4800 - x)*0.1
this implies
0.19 * x = 4800*0.1 - 43
0.19 * x = 437
=> x = 2300
So $2300 was invested in mutuals and 4800-2300 = $2500 in GIC.
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