Problema Solution
an actor invests some money at 6% and $47000 more than twice the amount at 11 %. The total annual interest earned from the investment is $38490. How much did he invest at each amount?
Answer provided by our tutors
let 'x' represent the amount invested at 6%, then '2x+47000' represents the amount invested at 11%
interest = principal * rate * time
we assume time to be equal to 1
38490 = 0.06x + 0.11(2x+47000)
solving for 'x' we have x=119000
2*119000 + 47000 = 285000
the actor invested $119,000 at 6% and $285,000 at 11%