any math geniuses? cause im not.

[GoldenRivet]

My wife is taking a class... the question is:

bob received $14,000 inheritance and divided it between a mutual fund that yielded a yearly return of 5% and a 1 year cd that paid 3.5% annually. if his total earnings for the year on this investment was $640, how much did he invest in each of these two funds?


i havnt taken a serious sit down honest to goodness math class in years... any suggestions as to how to solve this

frankly... she has been jacking with it for 3 hours and i wish she would just leave me the hell alone about it... so any help would be splendid

thanks

[Task Force]

Yep, Im in the same boat... but I was just in a math class thrusday...

[Sledgehammer427]

My answer would be

if you know this much about Bob's money, you can obviously take it off his hands, thus, you don't have to figure out his financial problems and create plenty of your own...and in doing that, you can answer the question.

like.
"I used bob's PIN number to steal all 14,000 dollars. I inserted it into a Swiss bank account where it collects 2% interest monthly. so, in one year the total interest is nnnnnn."

I wish I could be more help, but I am quite a cynical person when it comes to complicated math problems as such. I hear my essay questions and story problems were popular reading in other math classes.

[Chad]

One sec John.. Figuring it out and I'll post back how I got it.

[Castout]

Percentage invested in mutual fund: A
Percentage invested in cd: B

First equation
14,000A + 14,000B= 14,000

or

A+B=1

Second equation
14,000A x 0.05+ 14,000B x 0.035=640

or (simplifying)

700A + 490B=640

Now you have two unknown variables with two set of equations.
700A + 490B=640
490A + 490B=490
----------------- --
210A =150
A =0.714
B =1-0.714

Solving them you would get

A=0.714(rounding to 3 decimal points) or 71.4%
B=0.286 or 28.6%

This means 71.4% of 14,000(about US10,000) was invested in a mutual fund
and 28.6% of 14,000(about US4,000) was invested in cd

Hope it helps and hope it's correct

[VipertheSniper]

Originally Posted by Castout

Percentage invested in mutual fund: A
Percentage invested in cd: B

First equation
14,000A + 14,000B= 14,000

or

A+B=1

Second equation
14,000A x 0.05+ 14,000B x 0.035=640

or (simplifying)

700A + 490B=640

Now you have two unknown variables with two set of equations.
700A + 490B=640
490A + 490B=490
----------------- --
210A =150
A =0.714
B =1-0.714

Solving them you would get

A=0.714(rounding to 3 decimal points) or 71.4%
B=0.286 or 28.6%

This means 71.4% of 14,000(about US10,000) was invested in a mutual fund
and 28.6% of 14,000(about US4,000) was invested in cd

Hope it helps and hope it's correct

I guess in this case it would've been better to write it like this:

210A = 150
A = 150/210 or 5/7
and B = 2/7

Since 14000 can be divided by 7 it's much easier to do it like that

[Chad]

Exact numbers I got were

A = $10594.55 for the 5% interest group

and

B = $3405.45 for the 3.5% interest group


I used a slightly different method but we're all close

[Castout]

Originally Posted by VipertheSniper

I guess in this case it would've been better to write it like this:

210A = 150
A = 150/210 or 5/7
and B = 2/7

Since 14000 can be divided by 7 it's much easier to do it like that

I'm spoiled by the calculator

[GoldenRivet]

thanks gentlemen.

Im forwarding her this information... i think she was on the right track now that i see your numbers compared to hers.