Problema Solution
An actor invests some money at 9%, and $20000 more than three time the amount at 10%. The total annual interest earned from the investment is $42950. How much did he invest at each amount?
Answer provided by our tutors
let
x = the amount invested at 9%
20000 + 3x = the amount invested at 10%
The total annual interest earned from the investment is $42950:
0.09x + 0.10(20000 + 3x) = 42950
by solving we find:
x = $105,000
click here to see the step by step solution of the equation:
20,000 + 3*105,000 = $335,000
$105,000 are invested at 9%.
$335,000 are invested at 10%.