Step 1: Define the variables.
Let x be the amount invested at 6%.
Then 3x + 44000 is the amount invested at 11%.
Step 2: Write the equations.
The equation for the interest earned at 6% is 0.06x.
The equation for the interest earned at 11% is 0.11(3x + 44000).
Step 3: Combine the equations.
The combined equation is 0.06x + 0.11(3x + 44000) = 36040.
Step 4: Simplify and solve.
0.06x + 0.33x + 4840 = 36040
0.39x + 4840 = 36040
0.39x = 31200
x = 80000
Step 5: Substitute the value back into the original equations.
The amount invested at 6% is $80,000.
The amount invested at 11% is 3(80000) + 44000 = $224000.
Step 6: Check the answer.
0.06(80000) + 0.11(224000) = 36040
4800 + 24640 = 36040
36040 = 36040
The actor invested $80,000 at 6% and $224,000 at 11%.
An actor invests some money at 6%, and $44000 more than three times the amount at 11%. The total annual intere
earned from the investment is $36040. How much did he invest at each amount? Use the six-step method.
1 answer
1 answer