Question

An actor invests some money at 5​% simple​ interest, and ​$21 comma 000 more than three times the amount at 6 %. The total annual interest earned from the investment was ​$29 comma 550. How much did he invest at each​ amount?

Answer 1

The total amount invested at 5% is $123,000

The total amount invested at 6% is $390,000

Step-by-step explanation:

M = amount of money invested at 5%

3M + 21,000 = amount of money invested at 6%

0.05M + 0.06(3M + 21,000) = 29,550

0.05M + 0.18M + 1,260 = 29,550

0.23M = 28,290

M = 28,290 / 0.23 = 123,000

3M + 21,000 = 369,000 + 21,000 = 390,000