Question

An actor invested some money at 99​% simple​ interest, and ​$44 comma 00044,000 more than four timesfour times the amount at 11 %.11%. The total annual interest earned from the investment was ​$33 comma 99033,990. How much did he invest at each​ amount?

Answer 1

Answer:

$55000 was invested at 9% and $264,000 was invested at 11%.

Explanation:

Let the amount invested at 9%=x

$44000 more than four times the amount= 4x+44000

Amount invested at 11%=4x+44000

Total Annual Interest= $33,990

Simple Interest= (Principal XRateXTime)/100

Total Interest= Interest on x at 9% + Interest on 4x+44000 at 11%

(9 X x X 1)/100 + [11(4x+44000)X1]/100 = 33990

This implies that: 9x+44x+484000=33990 X 100

53x = 3399000-484000

53x = 2915000

x= $55,000

4x+44000= 4(55000)+44000=$264,000