Question

Hanna is planning to invest a total of $10000 in two funds: Fund A, a low-yield fund, which pays 3% interest, and Fund B, a high-yield fund, which pays 15% interest (but has other drawbacks). If she wants to earn $1416 in total interest, how much should Hanna invest in each fund?

Answer 1

Answer:

Step-by-step explanation:

x=amount in fund a

y= amount in fund b

x+y=10000

.03x+.15y= 1416

y= 10000-x

.03x+.15(10000-x)=1416

x= 700

700+y=10000

y=9300

700 in fund A

9300 in fun B