SOLUTION: An actor invests some money at 9%, and $32000 more than twice the amount at 12%. The total annual interest earned from the investment is $23640. How much did he invest at each amou
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Question 1158755: An actor invests some money at 9%, and $32000 more than twice the amount at 12%. The total annual interest earned from the investment is $23640. How much did he invest at each amount? Answer by VFBundy(438) (Show Source):
You can put this solution on YOUR website! 9% investment:
Principal = p
Rate = 0.09
Interest = 0.09p 12% investment:
Principal = 2p + 32000
Rate = 0.12
Interest = 0.12(2p + 32000) = 0.24p + 3840
0.09p + (0.24p + 3840) = 23640
0.33p = 19800
p = 60000 9% investment:
Principal = p = $60,000 12% investment:
Principal = 2p + 32000 = 2(60000) + 32000 = 120000 + 32000 = $152,000
