SOLUTION: An actor invested some money at 5% simple interest, and $45,000 more than twice the amount at 6% . The total annual interest earned from the investment was $14090.how much did inve
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Question 1164398: An actor invested some money at 5% simple interest, and $45,000 more than twice the amount at 6% . The total annual interest earned from the investment was $14090.how much did invest at each amount? Answer by ikleyn(52781) (Show Source):
Let x be the 5% investment.
Then the 6% investment is (2x+45000) dollars.
The total interest equation is then
0.05x + 0.06*(2x+45000) = 14090 dollars.
From the equation
x = = 67000.
ANSWER. $67000 invested at 5% and 2*67000 + 45000 = 179000 dollars invested at 6%.
CHECK. 0.05*67000 + 0.06*179000 = 14090 dollars. ! Correct !
Solved.
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It is a standard and typical problem on investments.
You will find there different approaches (using one equation or a system of two equations in two unknowns), as well as
different methods of solution to the equations (Substitution, Elimination).
