Problema Solution
an actor invests some money at 7% and 29000 more than three time the amount at 11% the total annual interest earned from the investment is 23990 how much did he invest at each amount
Answer provided by our tutors
let
x = the money invested at 7%
y = the money invested at 11%
an actor invests some money at 9% and 29,000 more than three times the amount at 11% means:
y = 29,000 + 3x
the total annual interest earned form the investment is 23,990:
0.07x + 0.11y = 23990
plug y = 39,000 + 3x into the last equation
0.07x + 0.11(29,000 + 3x) = 23,990
by solving we find
x = $52,000
click here to see the step by step solution of the system equation
y = 29,000 + 3*52,000
y = $185,000
lets check, indeed
0.07*52.000 + 0.11*185,000 = 23,990
the actor invested $52,000 at 7% and $185,000 at 11%.