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?

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter1: Expressions And Functions

Section1.2: Order Of Operations

Problem 70PFA

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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?

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