Problema Solution
Roberto invested some money at an APR of 8 percent, and then invested $4000 more than twice this amount at an APR of 11 percent. His total annual income from the two investments was $4940. How much was invested at 11 percent?
Answer provided by our tutors
Let x be the amount invetse at 8% APR.
0.08x+(4000+2x)0.11=4940.
0.08x+440+0.22x=4940.
0.3x=4500
x=4500/0.3
=$15000.
Amount invested at 11% APR=15000+4000.
=$19000.