Carl invests $10000, partly in a secure GIC at 5% and the rest in a mutual fund that he thinks will earn 7.5%.
If he expects to earn the same amount of interest in both, how much did he invest at each rate?

Question

Carl invests $10000, partly in a secure GIC at 5% and the rest in a mutual fund that he thinks will earn 7.5%.  
If he expects to earn the same amount of interest in both, how much did he invest at each rate?

anonymous · Answer

0.05(x) = 0.075(10,000 - x)

anonymous · Answer

what about time? because the equation for interest is interest=(principle)(rate)(time)

anonymous · Answer

and the question gives no time amount

anonymous · Answer

the time for both are the same, so it cancels