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September 15th, 2009, 12:03 PM   #1
 
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word problem elimination/substitution

Chad invested 3/4 of his $56 000 lottery winnings in two different mutual funds. At the end of the year the Balanced fund had earned 6.5% interest, but the emerging markets fund had lost 3%. If the value of Chads funds increased by 1590, determine the amount invested in each fund.

The equations I came up with were

x+y=42000
.03x+.65y=1590

Thanks for the help God Bless
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September 15th, 2009, 12:09 PM   #2
 
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I will guess that the variables stand for the amounts invested in each account...?

But I don't understand the percentages. The one account lost three percent; it didn't gain three percent. And the other account either earned 65% or else earned 6.5%. I would guess the latter, but your product indicates the former...?
stapel is offline  
September 15th, 2009, 12:13 PM   #3
 
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Re: word problem elimination/substitution

x+y=42000
-.03x %+.65y %=1590 x=smaller account y=larger

times by 100 to get rid of the decimals

-3x+65y=159000

Thats what I got. and it didnt work I know the answers are 12000 and 30000 from my book but I dont understand how to get them
What would u do?
Thanks
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September 15th, 2009, 05:10 PM   #4
 
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Re: word problem elimination/substitution

any 1?
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September 15th, 2009, 06:49 PM   #5
 
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Re: word problem elimination/substitution

As stapel mentioned, your formula has the Balanced Fund giving a return of 65%. It should be changed from 0.65 to 0.065 to be a gain of 6.5%.
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September 16th, 2009, 02:19 PM   #6
 
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Re: word problem elimination/substitution

OH thats why. Thank u very much!
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