An investor invested a total of $1,600 in two mutual funds. One earned a 7% profit while the other earned a 2% profit. If the investor's total profit was $97, how much was invested in each mutual?

Question

anonymous · Answer

lets call the amount invested at $7\%$ "$x$" 
then since the total is $\$1,600$ the amount invested at $2\%$ must be $1,600-x$

anonymous · Answer

the profit is $7\%$ of $x$ i.e. $.07\times x$ plus $2\%$ of $1600-x$ or 
$.02(1600-x)$ for a total of 
$$.07x+.02(1600-x)$$

anonymous · Answer

since you know the total is $\$97$ you can set $$.07x+.02(1600-x)=97$$ and solve for $x$

anonymous · Answer

probably easiest to get rid of the annoying decimals by multiplying both sides by $100$ and solve 
$$7x+2(1600-x)=9700$$

anonymous · Answer

Im lost, What would i do next?

anonymous · Answer

distribute the $2$

anonymous · Answer

So what is the amount invested in the mutual funds that earned 7% $ ?

anonymous · Answer

@Jamierox4ev3r could you please help me out with this problem?

jamierox4ev3r · Answer

well, @satellite73 had the process right, but you still need to distribute the equation:

7x+2(1600-x)=9700
7x+3200-2x=9700
-----------------
5x+3200=9700
    -3200  -3200
----------------
5x=6500
/5   /5
------
x=1300

anonymous · Answer

Thank you very much. So what was the amount invested in the mutual fund that earned 7%?

jamierox4ev3r · Answer

thats right :D

jamierox4ev3r · Answer

lol sorry i was doing another problem but yes thats right

jamierox4ev3r · Answer

@flower93