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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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Answer:

Windswept, Inc.

The total dividends paid for 2017 is:

= $556.

Explanation:

a) Data and Calculations:

Windswept, Inc.

Income Statement for the year ended December 31, 2017:

Net Sales                                           $9,740

Cost of goods sold                              7,910

Depreciation                                          480

Earnings before interest and taxes $1,350

Interest paid                                            110

Taxable income                                $1,240

Taxes                                                     434

Net income                                         $806

Windswept, Inc.

2016 and 2017  Balance Sheets ($ in millions)

                               2016        2017                                     2016       2017

Cash                      $260       $290  Accounts payable    $1,490   $1,460

Accounts rec.        1,060         960  Long-term debt           1,130     1,330

Inventory               1,900       1,740  Common stock          3,400    3,340

Total                   $3,220   $2,990  Retained earnings        670       920

Net fixed assets   3,470     4,060

Total assets      $6,690    $7,050  Total liab. & equity  $6,690  $7,050

The total dividends paid for 2017:

Retained earnings, Dec. 31, 2016        $670

Net income for the year, 2017               806

Less Retained earnings, Dec. 31, 2017 920

Dividends paid                                     $556

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Answer:

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