SOLUTION: A lawyer invested a certain amount of money in a restaurant business, expecting the earnings to be 9% per year. He invested thrice the amount in a retail business, expecting the ea

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Question 1160367: A lawyer invested a certain amount of money in a restaurant business, expecting the earnings to be 9% per year. He invested thrice the amount in a retail business, expecting the earnings to be 11% per year. If after a year, the total interest from the investment is 63,000, how much did he invest in the restaurant business?
Found 3 solutions by ikleyn, MathTherapy, greenestamps:
Answer by ikleyn(52781)   (Show Source): You can put this solution on YOUR website!
.

0.09*x + 0.11*(3x) = 63000


0.09x + 0.33x = 63000


0.42x          = 63000


   x          =  = 150000.     ANSWER

Solved.



Answer by MathTherapy(10552)   (Show Source): You can put this solution on YOUR website!

A lawyer invested a certain amount of money in a restaurant business, expecting the earnings to be 9% per year. He invested thrice the amount in a retail business, expecting the earnings to be 11% per year. If after a year, the total interest from the investment is 63,000, how much did he invest in the restaurant business?
Let amount invested in the restaurant business be R 

Then amount invested in the retail business, is 3R

We then get: .09R + .11(3R) = 63,000

.09R + .33R = 63,000

.42R = 63,000

Amount invested in the restaurant business, or  

Answer by greenestamps(13200)   (Show Source): You can put this solution on YOUR website!
 


Since the amount invested at 11% is 3 times the amount invested at 9%, the average rate of return is 10.5%.





$63,000 interest at 10.5% means the total invested was .


One-quarter of the total was invested in the restaurant business.


ANSWER: 1/4 of $600,000, which is $150,000.


 

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