SOLUTION: An actor invest some money at 6%, and $28000 more than twice the amount at 12%. The total annual interest earned from the investestment is $27960. How much did he invest at each am
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Question 1110073: An actor invest some money at 6%, and $28000 more than twice the amount at 12%. The total annual interest earned from the investestment is $27960. How much did he invest at each amount? Use the six-step method.
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
Amount @ 6.00% x
Amount @ 12.00% 2 x + 28000
Total interest earned = 27960
6.00% x+ 12.00% ( 2 x + 28000 )= 27960
6.00% x+ 12.00% * 2 x + 3360 = 27960
6.00% x+ 0.24 x + 3360 = 27960
0.06 x+ 0.24 x = 24600
0.30 x = 24600
x= 82000 Amount @ 6.00%
Amount @ 12.00% = 2 * 82000 + 28000
= 192000
CHECK
4920 + 23040 = 27960
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