Question

An actor invests some money at 7%, and $24000 more than three times the amount at 11%. The total annual interest earned from the investment is $27040. How much did he invest at each amount? Use the six-step method.

Answer 1

0.07x+0.11(3x+24000)=27040

we will solve for x

x=61,000 [ investment at 7%]

Investment at 11% = 3x + 24000

= 3(61000)+24000

= 207000 [ investment at 11%]