algebra problem solving

Question

Chris invested his savings in two investment funds. The amount he invested in Fund A was 3 times as much as the amount he invested in Fund B. Fund A returned a 3% profit and Fund B returned a 2% profit. How much did he invest in Fund B, if the total profit from the two funds together was $880?

Answer 1

Let's denote the amount Chris invested in Fund B as \( x \) dollars.

According to the given information, the amount he invested in Fund A would then be 3x dollars.

The profit from Fund A would be 3x times 0.03 = 0.09x dollars.

The profit from Fund B would be x times 0.02 = 0.02x dollars.

The total profit from both funds is $880. Therefore, we can set up the equation:

0.09x + 0.02x = 880

Combining like terms:

0.11x = 880

Now, we solve for x:

x = 880/0.11

x = 8000

So, Chris invested $8000 in Fund B.