A bank invested $350,000 last year in mutual funds. The conservative fund earned 9% simple interest. The growth fund earned 11% simple interest. At the end of the year, the bank had earned $34,000 from these mutual funds. How much did it invest in each fund?

A bank invested $350,000 last year in mutual funds. The conservative fund earned 9% simple interest. The growth fund earned 11% simple interest. At the end of the year, the bank had earned $34,000 from these mutual funds. How much did it invest in each fund?

Algebra and Trigonometry (6th Edition)

6th Edition

ISBN:9780134463216

Author:Robert F. Blitzer

Publisher:Robert F. Blitzer

ChapterP: Prerequisites: Fundamental Concepts Of Algebra

Section: Chapter Questions

Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...

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