An actor invests some money at 5​%...

Question

An actor invests some money at

55​%,

and

​$2400024000

more than

four timesfour times

the amount at

11 %.11%.

The total annual interest earned from the investment is

​$2714027140.

How much did he invest at each​ amount? Use the​ six-step method.

Answer 1

.55x + .11(2400+4x)= 27,140

.99x = 27,140 - 264= 26,876

x= 26,876/.99 = $27,147.47 invested at 55%

and 2400+4(27,147.47) = $110,989.88 at 11%

there are no investments with 55% interest, unless it's loan sharking, and that's illegal in most states. But pay day loans might just do it. credit cards don't charge that much, short of late fees & penalties.

the interest rate reflects the risk involved. the riskier with greater risk of default has higher interest rates.