I’m helpless please help me

An actor invests some money at 7%, and $24000 more than four times the amount at 8%. The total annual interest earned from the i

natita [175]

Answer:

$70,000 at 7%
$304,000 at 8%

Step-by-step explanation:

Given:

Total interest earned on two investments is $29,220.

An amount is invested at 7%.

$24,000 more than 4 times that amount is invested at 8%.

Find:

The amount invested at each rate.

Solution:

Our strategy will be to define a variable representing the amount invested at 7%, use that variable to write an expression for the amount invested at 8%, then write an equation for the total return on the investments.

Let x represent the amount invested at 7%. Then (24,000+4x) will be the amount invested at 8%. The total interest earned will be ...

interest on 7% account + interest on 8% account = total interest

0.07x + 0.08(24000+4x) = 29220

0.39x + 1920 = 29220 . . . . . . . . . . . simplify

0.39x = 27300 . . . . . . . . . . . . . . . . . .subtract 1920

x = 27300/0.39 = 70000 . . . . . . . . . divide by the coefficient of x

24,000 +4x = 24,000 +280,000 = 304,000 . . . . amount invested at 8%

He invested $70,000 at 7% and $304,000 at 8%.

Check

The answer must satisfy ...

7% interest + 8% interest = 29,220

0.07×70,000 +0.08×304,000 = 4,900 +24,320 = 29,220 . . . . as required

_____

Comment on 6-step method

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Identify the given information (Given)
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6 0

3 years ago

Carrie saved money to spend while on a one-month vacation to Europe. On day 8, she had $2,400 remaining. On day 16, she had $1,6

garik1379 [7]

If this is represented by a linear function, then we know that the amount of money decreases at an unchanging amount. Knowing this, and knowing that on day 8, she had 2400, we simply just add 2400 to 8 100's:

2400 + 8*100 = 2400 + 800

Carrie initially had $3200, or Option C.

6 0

2 years ago

Read 2 more answers

Sylvie bought 13 bagels and a container of cream cheese.Each bagel cost the same price.The cream cheese cost $2.95.Sylvie spent

Taya2010 [7]

Ok, first set this up as an equation with your given variables. You know that Sylvie bought 1 container of cream cheese, which is $2.95, and you know that Sylvie spent $7.50 (my best assumption is this is the subtotal) on the cream cheese and 13 bagels. As an equation, it would come out as:

$7.50=2.95+13(b)$

To start solving the algebraic equation, wou can subtract 2.95 on both sides, resulting as

$4.55=13 (b)$

Now, to get "b" by itself, you must divide 13 on both sides, resulting as

$.35=b$

This will answer your question as the cost of 1 bagel would be $0.35 per bagel.

5 0

3 years ago

Read 2 more answers

Anybody have an answer key to this?

tresset_1 [31]

I found a answer key online

6 0

2 years ago

Listed below are several statements that relate to financial accounting and reporting. Identify the accounting concept that appl

9966 [12]

Answer:

The accounting concept that applies to the given statements is as follow:

1. SiriusXM Radio Inc. files its annual and quarterly financial statements with the SEC. ⇒ The Periodicity Assumption.

2. The president of Applebee’s International, Inc., travels on the corporate jet for business purposes only and does not use the jet for personal use. ⇒ The Economic Entity Assumption.

3. Jackson Manufacturing does not recognize revenue for unshipped merchandise even though the merchandise has been manufactured according to customer specifications. ⇒ Revenue Recognition

4. Lady Jane Cosmetics depreciates the cost of equipment over their useful lives. ⇒ Expense Recognition

6 0

3 years ago