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25 November, 05:24

Carl invests $10000, partly in a secure GIC at 5% and the rest in a mutual fund that he thinks will earn 7.5%.

If he expects to earn the same amount of interest in both, how much did he invest at each rate?

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  1. 25 November, 05:52
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    0.05 (x) = 0.075 (10,000 - x)

    the equation for interest is interest = (principle) (rate) (time)

    the time for both are the same, so it cancels
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