An actor invests some money at 6​%, and ​$32000 more than three times the amount at 7 %. The total annual interest earned from the investment is ​$27620. How much did he invest at each​ amount?

Question

An actor invests some money at

66​%,

and

​$32000

more than

three times three times

the amount at

7 %.

The total annual interest earned from the investment is

​$27620

He invested

​$______

at

66​%

and

​$_____

at

77​%.

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

Answer 1

I'm not really sure what the six-step method is, but here is how I would do this problem.

Let x be the amount invested at 6%. Then the amount invested at 7% is 3x + 32000.

Then our total annual interest will be x*0.06 + (3x + 32000)*0.07 = 27620. We got $27620 from the given information in the problem.

Then we can solve this equation for x:

x*0.06 + (3x + 32000)*0.07 = 27620 => 0.27x = 25380=> x = 94000

Thus, we have invested $94,000 at 6%, and 3x + 32000 = 3(94000) + 32000 = $314,000 at 7%