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)
Math question: What is 3/5 of 100?
+
Find the value of c if the constant function f(x)=c gives an output of 10 when x=5. (
+
What is the value of f(3) for f(x) = 1/x?
+
New questions in Mathematics
8x²-30x-10x²+70x=-30x+10x²-20x²
The patient is prescribed a course of 30 tablets. The tablets are prescribed “1 tablet twice a day”. How many days does a course of medication last?
How do you think the company has increased or decreased its income?
Consider numbers from 1 to 2023. We delete 3 consecutive numbers so, that the avarage of the left numbers is a whole number
(5u + 6)-(3u+2)=
A regional candy factory sells a guava roll at a price of $48, the monthly fixed costs amount to $125,000 and the variable cost for making a guava roll is $28. Determine: a) The equation of the total income from the production of guava rolls.
A company that manufactures personal hygiene items purchases machinery for $220,000 that is considered to last 7 years; it is estimated that at the end of the period it will have a salvage value of $1000. Find: to. The depreciation rate. b. The book value at the end of the sixth year.
A person borrows rm 1000 from a bank at an interest rate of 10%. After some time, he pays the bank rm 1900 as full and final settlement of the loan. Estimate the duration of his loan.
15/5+7-5
Raúl, Gilberto and Arturo are playing golf; The probabilities of winning for each one are as follows: (Raúl wins) = 20% (Gilberto wins) = 0.05% (Arturo wins) = ¾%. Perform operations and order events from least to most probable.
The price per night of a suite at the Baglioni Hotel in Venice is 1896 euros, VAT included. The VAT in Italy is 25%. The hotel gets a return of 10% out of the price VAT included. a) What is the amount of VAT paid by the hotel for one
Given (3x+2)E [2;14] how much money (in soles) does Sophia have if numerically it is the greatest value of x?
I. Order to add 40.25+1.31+.45 what is the first action to do ?
3/9*4/8=
Use linear approximation to estimate the value of the sine of 31o.
-1%2F2x-4%3D18
Find the minimum value of the function y = -4 x3 + 60 x2 -252 x + 8 for values of x between x = 0 and x = 9 Enter the value of the function, not the value of x
We have two distributions: A (M = 66.7, 95% CI = [60.3, 67.1]) / B (M = 71.3 95% CI = [67.7, 74.9]). Erin maintains that B is significantly larger than A. Provide your opinion on Erin’s argument and justify your opinion.
Consider the function f(x)=1/2(x+1)^2-3. Use the preceding/following interval method to estimate the instantaneous rate of change at 𝑥 = 1.
Question 3 A square has a perimeter given by the algebraic expression 24x – 16. Write the algebraic expression that represents one of its sides.