Question 1154298: An actor invested some money at 6% simple interest, and $50,000 more than four times the amount at 7%. The total annual interest earned from the investment was $51,440. How much did he invest at each amount?
Found 3 solutions by josgarithmetic, josmiceli, MathTherapy:
Answer by josgarithmetic(39625)   (Show Source):
Answer by josmiceli(19441)  (Show Source):
Answer by MathTherapy(10555)  (Show Source):
You can put this solution on YOUR website! An actor invested some money at 6% simple interest, and $50,000 more than four times the amount at 7%. The total annual interest earned from the investment was $51,440. How much did he invest at each amount?
Let amount invested in 6% fund, be S
Then amount invested in the 7% fund = 4S + 50,000
We then get the following INTEREST equation: .06S + .07(4S + 50,000) = 51,440
.06S + .28S + 3,500 = 51,440
.34S = 47,940
S, or amount invested in the 6% fund = 
Amount invested in the 7% fund = 
It's as SIMPLE as that!!
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