Problema Solution
An actor invests some money at 9%, and 21,000$ more than twice the amount at 10%. The total annual interest earned from the investment is 29,650$. How much did he invest at each amount?
Answer provided by our tutors
let 'x' represent the amount invested at 9%, then '2x+21000' represents the amount invested at 10%
interest = principal * rate * time
we assume time is equal to 1
29650 = 0.09x + 0.10(2x+21000)
solving for 'x' we have x=95000
2*95000 + 21000 = 211000
the actor invested $95,000 at 9% and $211,000 at 10%