Kelly Invested her savings of $4800. She invested part in mutual funds, at 9% per year, and the rest in GIC'S at 10% per year. At the end of the year, the interest from the mutual investments was $43 less than the interest from the GIC investment. how much was invested in each type of investment?

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JannetPalos JannetPalos · Answer 1 · 2018-10-02T10:48:16+02:00

Total money invested by Kelly = 4800

Let the amount she invested in mutual funds = x

Let the amount she invested in GIC's = y

So, x + y = 4800 (1)

Interest in mutual funds = 9% of x = [tex]\frac{9x}{100}[/tex]

Interest in GIC investment = 10% of y = [tex]\frac{10y}{100} =\frac{y}{10}[/tex]

It is given that, at the end of one year, the interest from mutual funds is $43 less than that of from GIC's.

So, [tex]\frac{9x}{100} =\frac{10y}{100} -43[/tex]

[tex]\frac{9x}{100} -\frac{10y}{100} =-43[/tex]

[tex]\frac{9x-10y}{100} =-43[/tex]

9x - 10y = -4300 (2)

Multiplying (1) by 10 and adding (1) and (2), we get,

19x = 43700

[tex]x =\frac{43700}{19}[/tex]

= 2300

x + y = 4800

2300 + y = 4800

y = 4800 - 2300

= 2500

Hence, amount invested in mutual funds is $2300 and the money invested in GIC investment is $2500.