Problema Solution
An actor invests some money at 8% and 34,000 more than four times the amount at 11%. The total annual interest earned from the investment is 71860. How much did he invest at each amount?
Answer provided by our tutors
let
x = the money invested at 8%
y = the money invested at 11%
an actor invests some money at 8% and 34,000 more than four times the amount at 11%
x = 34000 + 4y
total annual interest earned from the investment is 71,860
0.08*x + 0.11*y = 71860
by solving the system of equations
x = 34000 + 4y
0.08*x + 0.11*y = 71860
we find
x = $677,163
y = $160,791
he invested $677,163 at 8% and $160,791 at 11%.