Question

An actor invests some money at 7%, and $48000 and more than twotimes the amount of 9%. The total annual interest earned from the investment is $17820. How much did he invest at each amount?

Answer 1

Answer:

At 7% $54,000

At 9% $156,000

Step-by-step explanation:

Let x be the amount invested at 7%, Then 2x + 48000 will be the amount invested at 9%

We know that:

7% = 0.07 & 9% = 0.09

So we can write the interest equation as follows:

0.07x + 0.09 (2x + 48000) = 17820

0.07x + 0.18x + 4320 = 17820

0.25x + 4320 = 17820

Subtracting 4320 from both sides of the equation we get:

0.25x = 17820 - 4320

0.25x = 13500

Dividing both sides of the equation by 0.25 we get:

x = 13500 / 0.25

x = $54,000 invested at 7%

&

2 x 54000 + 48000

= $156,000 invested at 9%

Hence the amount invested at 7% is $54,000.

& the amount invested at 9% is $156,000.