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?

122

likes
608 views

Answer to a math 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?

Expert avatar
Madelyn
4.7
86 Answers
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.

Frequently asked questions (FAQs)
What is the equation of a basic parabola whose vertex is at point (2, -3)?
+
Question: What is the variance of the dataset {5, 10, 12, 15, 20}?
+
What are the components of the unit vector u in the direction of vector v = ⟨3, -4⟩?
+
New questions in Mathematics
reduction method 2x-y=13 x+y=-1
8x-(5-x)
a bank finds that the balances in its savings accounts are normally distributed with a mean of $500 and a standard deviation off of $40. What is the probability that a randomly selected account has a balance of more than $400?
Suppose the horses in a large they will have a mean way of 818 pounds in a variance of 3481. What is the probability that the mean weight of the sample of horses with differ from the population mean by more than 18 pounds is 34 horses are sampled at random from the stable.
4x/2+5x-3/6=7/8-1/4-x
If 0101, what is the binary representation of the 4x16 decoder output?
A test has 5 multiple choice questions. Each question has 4 alternatives, only one of which is correct. A student who did not study for the test randomly chooses one alternative for each question.(a) What is the probability of him getting a zero on the test?(b) What is the probability of him getting a three or more? The maximum mark for the test is 5, with each question worth one point.
It is known that the content of milk that is actually in a bag distributes normally with an average of 900 grams and variance 25 square grams. Suppose that the cost in pesos of a bag of milk is given by 𝐶(𝑥) = { 3800 𝑠𝑖 𝑥 ≤ 890 4500 𝑠𝑖 𝑥 > 890 Find the expected cost.
The market for economics textbooks is represented by the following supply and demand equations: P = 5 + 2Qs P = 20 - Qd Where P is the price in £s and Qs and Qd are the quantities supplied and demanded in thousands. What is the equilibrium price?
Convert 9/13 to a percent
The volume of a cube decreases at a rate of 10 m3/s. Find the rate at which the side of the cube changes when the side of the cube is 2 m.
A cell phone company offers two calling plans. Plan A: $20 per month plus 5 cents for each minute, or Plan B: $30 per month plus 3 cents for each minute. [2] Write an equation to describe the monthly cost (a) C (in $) in terms of the time m (in minutes) of phone calls when Plan A is applied.
The business college computing center wants to determine the proportion of business students who have personal computers (PC's) at home. If the proportion is greater than 35%, then the lab will modify a proposed enlargement of its facilities. Suppose a hypothesis test is conducted and the test statistic is z= 2.6. Find the P-value for this test.
prove that for sets SS, AA, BB, and CC, where AA, BB, and CC are subsets of SS, the following equality holds: (A−B)−C=(A−C)−(B−C)
What is the total amount due and the amount of interest on a 3-year loan of $1,000 at a simple interest rate of 12% per year?
y′ = 2x + 3y x′ = 7x − 4y x(0) = 2 y(0) = −1 sisteminin ¸c¨oz¨um¨un¨u bulunuz. (Lineer Denk. Sis.)
2x-4=8
In a school playground When going out for recess, 80 men and 75 women coexist, the Patio measures 10 meters For 40 meters (what will be the population density in the break
In a cheese factory, one pie costs 3800 denars. The fixed ones costs are 1,200,000 denars, and variable costs are 2,500 denars per pie. To encounter: a) income functions. profit and costs; b) the break-even point and profit and loss intervals.
Question 3 A square has a perimeter given by the algebraic expression 24x – 16. Write the algebraic expression that represents one of its sides.