SOLUTION: Aaron invested equal amounts of money at 5%,7%,9%, and 11% annual interest. if the four investments yielded a total of $1440 annual interest, find the total amount invested.
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Question 1108100: Aaron invested equal amounts of money at 5%,7%,9%, and 11% annual interest. if the four investments yielded a total of $1440 annual interest, find the total amount invested. Answer by ikleyn(52943) (Show Source):
0.05*x + 0.07*x + 0.09*x + 0.11*x = 1440 (where x is equal amount of each of the four investments).
0.32x = 1440 ====> x = = 4500.
4 (four) investments of $4500 each. The total is 4 times $4500, or $18000.
Check. (0.5 + 0.07 + 0.09 + 0.11)*4500 = 1440. ! Correct !
