Question

Larry Mach invested part of the 21,000 from his salary advance at a simple annual interest rate of 6%, and the remainder at a simple annual interest rate of 4% if the total interest he earned during the year on both accounts was of 1060, determine the amount invested at each rate the company must sell how many tons?

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Madelyn

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Let's assume that Larry Mach invested x amount of dollars at a 6% annual interest rate.

So, the amount he invested at a 4% annual interest rate would be (21,000 - x) dollars.

Now, we'll calculate the interest earned from both accounts.

The interest earned from the amount invested at a 6% annual interest rate would be:0.06x .

The interest earned from the amount invested at a 4% annual interest rate would be:0.04(21,000 - x) .

According to the given information, the total interest earned was $1060, so we can set up the following equation:

0.06x + 0.04(21,000 - x) = 1060

Now, let's solve this equation to find the value of x:

0.06x + 0.04(21,000) - 0.04x = 1060

0.06x + 840 - 0.04x = 1060

0.02x + 840 = 1060

0.02x = 1060 - 840

0.02x = 220

x = \frac{220}{0.02}

Now, let's calculate the value of x:

x = \frac{220}{0.02} = 11,000

Therefore, Larry Mach invested $11,000 at a 6% annual interest rate, and the remaining amount (21,000 - 11,000 = $10,000) at a 4% annual interest rate.

Answer: Larry Mach invested $11,000 at a 6% annual interest rate and $10,000 at a 4% annual interest rate.

So, the amount he invested at a 4% annual interest rate would be (21,000 - x) dollars.

Now, we'll calculate the interest earned from both accounts.

The interest earned from the amount invested at a 6% annual interest rate would be:

The interest earned from the amount invested at a 4% annual interest rate would be:

According to the given information, the total interest earned was $1060, so we can set up the following equation:

Now, let's solve this equation to find the value of x:

Now, let's calculate the value of x:

Therefore, Larry Mach invested $11,000 at a 6% annual interest rate, and the remaining amount (21,000 - 11,000 = $10,000) at a 4% annual interest rate.

Answer: Larry Mach invested $11,000 at a 6% annual interest rate and $10,000 at a 4% annual interest rate.

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