An actor invests some money at 6% and $35000 more than 4 times the amount at 11%. The total amount interest earned from the investment is $66350. how much did he invest at each amount?
.06 x + .11(35,000 + 4x) = 66350
To solve this problem, we can set up two equations:
Let's say the amount invested at 6% is x dollars.
So, the amount invested at 11% is (4x + $35000).
Now let's calculate the interest earned from each amount. The formula for calculating interest is Principal * Rate * Time.
The interest earned from the amount invested at 6% is: x * 0.06 * 1 (assuming 1 year).
The interest earned from the amount invested at 11% is: (4x + $35000) * 0.11 * 1 (assuming 1 year).
According to the problem, the total amount of interest earned is $66350, so we can set up the following equation:
x * 0.06 * 1 + (4x + $35000) * 0.11 * 1 = $66350
Let's solve this equation step by step:
0.06x + 0.11(4x + $35000) = $66350
0.06x + 0.44x + $3850 = $66350
0.50x = $66350 - $3850
0.50x = $62500
x = $62500 / 0.50
x = $125000
Therefore, the actor invested $125000 at 6% and ($35000 + 4 * $125000) = $850000 at 11%.