Question

An investor invested a total of $2,300 in two mutual funds. One earned 5% profit while the other earned 2% profit. If the investor's total profit was $70, how much was invested in each mutual fund?

Answer 1

What I have so far is .05x + .02y =70
Then .05(2300-y) + .02y=70
Im stuck from there

Answer 2

ok lets guess that y = 1500 lets see

Answer 3

we cant guess, I know that I have done a problem like this before and now all the sudden I am drawing a blank

Answer 4

what is 0.2(1500)?

Answer 5

what is 0.5(800)?

Answer 6

.2 times 1500?

Answer 7

.02 * 1500=30