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NeX [460]
3 years ago
14

Larry Mitchell invested part of his $ 24 comma 000 advance at 4 % annual simple interest and the rest at 7 % annual simple inter

est. If his total yearly interest from both accounts was $ 1 comma 260​, find the amount invested at each rate.
Business
1 answer:
mariarad [96]3 years ago
6 0

Answer:

Amount invested at 4% is $14,000

Amount invested at 7% is $10,000

Explanation:

Data provided in the question:

Total amount invested = $24,000

Total yearly interest = $1,260

Now,

Let the amount invested at 4% annual simple interest be 'x'

Thus,

the amount invested at 7% annual simple interest will be $24,000 - x

Total interest earned = Interest at 4%  + Interest at 7%

$1,260 = 0.04x + 0.07(24,000 - x)

or

$1,260 = 0.04x + 1680 - 0.07x

or

-420 = -0.03x

or

x = $14,000

Hence,

Amount invested at 4% is $14,000

Amount invested at 7% is (24,000 - 14,000) = $10,000

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Comparative Condensed Income Statements for 2017

under FIFO and LIFO.

                                                                  <u>  FIFO                               LIFO</u>

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1               70,000       $2.40             $168,000

2             60,000        2.50               150,000

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4             80,000          2.80               224,000

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Ending (22,000 units)

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