Problema Solution
an actor invests some money at 5%, and 44,000 more than four times the amount at 11%. the total annual interest earned from the investment is $60,210. How much did he invest at each amount?
Answer provided by our tutors
let 'x' represent the money invested at 5%
44,000 more than four times the amount at 11% is: 44,000 + 4x
the total annual interest earned from the investment is $60,210:
0.05x + 0.11(44000 + 4x) = 60210
by solving we find
x = $113,000
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4,000 + 4*113,000 = $456,000
the actor invested $113,000 at 5% and $456,000 at 11%.