Problema Solution
an actor invests some money at 6% and $31000 more than four times the amount at 10%. the total annual interest earned from the investment is $28860. how much did he invest at each amount?
Answer provided by our tutors
let 'x' represent the amount invested at 6%, then '4x+31000' represents the amount invested at 10%
interest = principal * rate * time
we take time to be equal to 1
28860 = 0.06x + 0.1(4x+31000)
solving for 'x' we have x=56000
4*56000+31000 = 255000
the actor invested $56,000 at 6% and $255,000 at 10%