Problema Solution
an actor invest some money at 8% and $31000 more than twice the amount at 11%. the total annual interest earned from the investment is $32810. How much did he invest at each amount?
Answer provided by our tutors
let 'x' represent the amount invested at 8%, then '2x+31000' represents the amount invested at 11%
interest = principal * rate * time
we assume time to be equal to 1
32810 = 0.08x + 0.11(2x+31000)
solving for 'x' we have x=98000
2*98000+31000 = 227000
the actor invested $98,000 at 8% and $227,000 at 11%