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 $71,860. 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%
y = 34000 + 4x
the total annual interest earned from the investment is $71860
0.08*x + 0.11*y = 71860
by solving the system of equations
y = 34000 + 4x
0.08*x + 0.11*y = 71860
we find
x = $131,000
y = $558,000
the actor invested $131,000 at 8% and $558,000 at 11%.