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sineoko [7]
3 years ago
13

Larry Mitchell invested part of his $ 35 comma 000$35,000 advance at 4 %4% annual simple interest and the rest at 9 %9% annual s

imple interest. If his total yearly interest from both accounts was $ 3 comma 100$3,100​, find the amount invested at each rate.
Business
1 answer:
SVEN [57.7K]3 years ago
4 0

Answer:

$1,000; $34,000

Explanation:

Total investment = $35,000

Total yearly interest from both accounts = $3,100

Let the amount invested at 4% be x,

Amount invested at 9% = $35,000 - x

Simple interest = Principle × Rate of interest × Time period

$3,100 = (x × 0.04 × 1) + [($35,000 - x) × 0.09 × 1]

$3,100 = 0.04x + ($35,000 × 0.09) - 0.09x

$3,100 = 0.04x + $3,150 - 0.09x

0.05x = $50

x = $1,000

Therefore,

Amount invested at 4% = x = $1,000

Amount invested at 9% = $35,000 - x

                                       = $35,000 - $1,000

                                       = $34,000

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Gilmore, Inc. recently embarked on an effort to increase coordination and cooperation within the company. During the process, Gi
grandymaker [24]

Answer:

<em>Organizing Management Function</em>

Explanation:

Organizing is <em>the management function which includes the creation of an organizational structure as well as the allocation of human resources to ensure that the objectives are achieved.</em>

Gilmore managers are re-allocating the companies resources.

Organization structure is the framework through which activities are organized.

4 0
3 years ago
The income elasticity of demand for peanut butter is 0.1. From this, we know that peanut butter is a(n) __________ because _____
musickatia [10]

Answer:

Option B:

inferior good; elasticity is negative

Explanation:

The income elasticity of demand is a measure of the rate at which a particular commodity is demanded, even after there is a change in the real income of the consumers.

It is a known fact that for inferior goods, once the real income of the consumers increases there is a higher tendency for them to switch to other premium commodities. Such goods are said to have a negative elasticity.

The income elasticity of demand can be calculated with this formula

percentage change in quantity demanded / percentage change in income.

If this gives a value that is less than 1, it means that the percentage change in the quantity of goods demanded is actually less than the percentage change in the income level of the consumers. Hence, the good is an inferior good. This is because when the consumers are earning more, they buy less of the product.

6 0
3 years ago
Wood Incorporated factored $165,600 of accounts receivable with Engram Factors Inc. on a without recourse basis. Engram assesses
ruslelena [56]

Answer:

The journal entries are shown below:

Explanation:

Cash $149,040

Due from factor $11,592   ($165,600 × 3%)

Loss on sale of receivables $4,968    ($165,600 × 3%)

        To Account receivable    $165,600

(Being the factoring of account receivable is recorded)

Account receivable    $165,600

       To Due from factor $11,592   ($165,600 × 3%)

        To Cash $149,040

       To Gain on sale of receivables $4,968    ($165,600 × 3%)

(Being the factoring of account receivable is recorded)

Only these entries are passed

5 0
3 years ago
As an employee of new hampshire industries, kathleen has an opportunity to invest pre-tax income in an employer-sponsored retire
nadezda [96]
Payroll savings plan( psp)
4 0
3 years ago
Read 2 more answers
Rory Company has a machine with a book value of $75,000 and a remaining five-year useful life. A new machine is available at a c
Alborosie

Answer: $7,500

Explanation:

In calculating the Incremental income we will add the amount of variable Manufacturing costs Rory Company will save as well as the income they will get from selling the old machine and then subtract the cost price of the new machine.

Starting off we will calculate the amount of savings they will make by using the new machine,

= $12,000 x 5 years

= $60,000

Calculating the Incremental income therefore we have,

= 60,000 + 60,000(from selling old machine) - 112,500 (cost of new machine)

= $7,500

The incremental income of buying the new machine is $7,500.

If you need any clarification do comment.

5 0
3 years ago
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