Problema Solution
An actor invests some money at 77% simple interest, and $29,000 more than twice the amount at 12% simple interest. The total annual interest earned from the investment is $37,890. How much did he invest at each amount? Use the six-step method.
Answer provided by our tutors
Let
x = the money invested at 77% simple interest
2x + 29000 = the money invested at 12% simple interest
He earned $37,890 in annual interest:
0.77*x + 0.12*(2x + 29000) = 37890
........
click here to see the equation solved for x
........
x = $34,069.31
2x + 29000 = 2*$34,069.31 + 29000 = $97,138.62
The actor invested $34,069.31 at 77% and $97,138.62 at 12%.