Ms. Fernandez invests $50,000 of her lottery winnings into two different mutual funds. At the end of one year, both funds together are worth $53,550. One of the funds has produced a return of 8% while the other fund has produced a return of 6.5%. How much money was initially invested in each fund? Homework Help ✎
Construct a system of equations:
A + B = 50000
A(1.08)1 + B(1.065)1 = 53550
$20,000 was invested in the 8% fund and
$30,000 was invested in the 6.5% fund.