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Liono4ka [1.6K]
3 years ago
5

Angelo invested $4,000 into two accounts. One account paid 4% interest and the other paid 9% interest. He earns 6% interest on t

he total investment. How much money did he put in each account?
Business
1 answer:
inn [45]3 years ago
4 0

Answer:

$2,400 was placed in the account earning 4%, and $1,600 was placed in the account earning 9%

Explanation:

In this case, we have two unknowns, so in order to be solved, we need to find two equations.

We know that amount 1, that we call x, plus amount 2, we call y, is 4000.  

<em>x + y = 4000</em>

Also we know, when we add the interest earned on amount 1 to the interest earned on amount 2, the total interest is 6% of 4000, it means: 240

<em>0.04x+0.09y=240</em>

So, we have two equations with two unknowns

<em>x + y = 4000</em>

<em>0.04x+0.09y=240</em>

That we can solve for any method we know. We will use substitution.  Lets clear from first equation the unknown x.

x=4000-y

Then, we substitute in second equation

0.04(4000-y)+0.09y=240

And we solve:

160-0.04y+0.09y=240

0.05y=240-160

y=80/0.05=1600

Now we simply plug this into our first equation and solve for x

x+y=4000

x+1600=4000

x=4000-1600

x=2400

So, $2,400 was placed in the account earning 4%, and $1,600 was placed in the account earning 9%

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Look at Exercise 19.2. Compute the opportunity costs of producing sweaters and wine in both France and Tunisia. Who has the lowe
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Answer:

Answer Illustration : Opportunity Cost of producing Wine is lesser in France, Opportunity Cost of producing Sweaters is lesser in Tunisia. So, France has comparative advantage in Wine, Tunisia in Sweater.

Explanation:

Opportunity Cost is the cost of next best alternative foregone while choosing an alternative.

Opportunity Cost of producing Sweaters & Wine in France & Tunisia are quantities of other goods (Sweaters or Tunias) sacrifised while choosing either. Sweater Opportunity Cost - Wines sacrifised, Wine Opportunity Cost - Sweaters sacrifised.

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France          10                   5              1:0.5  or 2:1

Tunisia          8                   24              1:3  or 0.33:1

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