Sherry has 15,200 dollars to invest in mutual funds and in bonds. Sherry has selected a mutual fund that earns 1% a year and a bond that earns 4% a year. If she wants to earn 548 at the end of the first year, how much does she need to invest in each type of account?
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Sherry needs to invest $2000 in a mutual fund that earns 1% interest a year and $13200 in a mutual fund that earns 4% interest a year.According to the question,We have the following information:Amount to be invested = $15200Interest earned 1% a year and 4% a yearTotal amount interest to be earned at the end of first year = $548Now, let's take the amount to be invested in 1% interest a year's mutual fund to be $x.Then, we have the amount to be invested in mutual fund that earns 4% a year:$(15200-x)So, we have the following expression by removing percentage sign:x/100 + (15200-x)4/100 = 548Taking 100 as the least common factor and using the cross multiplication method:x+60800-4x = 548*100-3x = 54800-60800-3x = -6000x = 6000/3x = $2000Now, the amount invested in second mutual fund:15200-2000$13200Hence, Sherry needs to invest $2000 in a mutual fund that earns 1% interest a year and $13200 in a mutual fund that earns 4% interest a year.To know more about interest herehttps://brainly.com/question/13655754#SPJ1