SOLUTION: An actor ivvests some money at 5%, and $4800 more than three times the amount at 8%. The total annual interest earned from the investment is $43860. How much did he invest at each

Algebra ->  Customizable Word Problem Solvers  -> Mixtures -> SOLUTION: An actor ivvests some money at 5%, and $4800 more than three times the amount at 8%. The total annual interest earned from the investment is $43860. How much did he invest at each       Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

Question 907386: An actor ivvests some money at 5%, and $4800 more than three times the amount at 8%. The total annual interest earned from the investment is $43860. How much did he invest at each amount?
Answer by richwmiller(17219) About Me  (Show Source):
You can put this solution on YOUR website!
Total yearly interest for the two accounts is: $43860
x=3y+4800
0.05*x+0.08*y=43860
Substitute for x
0.05*(3y+4800)+0.08*y=43860
Multiply out
0.15y+240+0.08*y=43860
Combine like terms.
0.15y+240+0.08*y=43860
0.15y+0.08*y=43860-240
0.23*y=43620
Isolate y
0.23*y=43620
y=43620/0.23
y=$189652.174 at 8%
rounded off
y=$189652.17 at 8%
x=3y+4800
x=3*189652.174+4800
x=568956.522+4800
x=$573756.522 at 5%
rounded off
x=$573756.52 at 5%