Problema Solution
An actor invests some money at 7% and $21000 more than twice the amount of 12%. The total annual interest earned from the investment is $25150. How much did he invest at each amount?
Answer provided by our tutors
let 'x' represent the money invested at 7%
$21000 more than twice the amount means he invested
21,000 + 2x he invested at 12%
The total annual interest earned from the investment is $25,150:
0.07x + 0.12*(21000 + 2x) = 25150
by solving we find
x = $73,000
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21,000 + 2*73,000 = 21,000 + 146,000 = $167,000
he invested $73,000 at 7% and $167,000 at 12%.