Question

austin invested his savings in two investment funds. the amount he invested in fund a was $7000 less than the amount he invested in fund b. fund a returned a 6% profit and fund b returned a 8% profit. how much did he invest in fund b, if the total profit from the two funds together was $2380? amount invested in fund b: $

Explanation:

Step1: Define variables for investments

Let $x$ = amount invested in Fund B (in dollars). Then the amount invested in Fund A is $x - 7000$ dollars.

Step2: Set up profit equation

Profit from Fund A: $0.06(x - 7000)$; Profit from Fund B: $0.08x$. Total profit equals $2380$, so:
$$0.06(x - 7000) + 0.08x = 2380$$

Step3: Expand and simplify the equation

$$0.06x - 420 + 0.08x = 2380$$
Combine like terms:
$$0.14x - 420 = 2380$$

Step4: Isolate the variable term

Add 420 to both sides:
$$0.14x = 2380 + 420$$
$$0.14x = 2800$$

Step5: Solve for x

Divide both sides by 0.14:
$$x = \frac{2800}{0.14}$$
$$x = 20000$$

Answer:

$\$20000$