SOLUTION: An actor invests some money at 5%, and $46000 more than four times the amt at 7%. The total annual interest earned from the investment is 29290. How much did he invest at each amou

Question 668950: An actor invests some money at 5%, and $46000 more than four times the amt at 7%. The total annual interest earned from the investment is 29290. How much did he invest at each amount? I am confused on the six step method...

Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
An actor invests some money at 5%, and $46000 more than four times the amt at 7%. The total annual interest earned from the investment is 29290. How much did he invest at each amount? I am confused on the six step method...
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Amt at 5%: x
Amt at 7%: 4x+46000
----
Equation:
interest + interest = interest
0.05x + 0.07(4x+46000) = 29290
----
5x + 28x + 7*46000 = 2929000
-----
33x = 2607000
x = $79000 (amt. invested at 5%)
----
4x+46000 = $362,000 (amt. invested at 7%
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Cheers,
Stan H.
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