Eric invested some money at 6% and $4000 less than that amount at 4%. Find the amount
Question:
Eric invested some money at 6% and $4000 less than that amount at 4%. Find the amount invested at each rate if his total annual interest income was $840.
Transcribed Image Text:
Principal Rate (in dollars) (as a decimal) X 0.06 0.04 XXXXXXXXX Interest (in dollars)
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (6 reviews)
Lets assume Eric invested x amount of money at 6 interest rate Accor...View the full answer
Answered By
Isabel Seraspi
I have experience teaching math, science, and English to students of all ages. I have also worked as a tutor in a college setting, helping students with their homework and preparing them for exams.
I believe that tutoring is a great way to help students learn. It allows students to get one-on-one help with their studies, and it gives them the chance to ask questions and get immediate feedback. Tutoring can also be tailored to the individual needs of the student, which is why I believe it is so effective.
I have seen firsthand how tutoring can help students improve their grades and confidence. I have also seen how it can help students who are struggling with a particular subject. I believe that tutoring is a great way to help students learn and succeed in school.
0.00
0 Reviews
10+ Question Solved
Related Book For
Intermediate Algebra
ISBN: 9780134895987
13th Edition
Authors: Margaret Lial, John Hornsby, Terry McGinnis
Question Posted:
Students also viewed these Mathematics questions
-
Johnny deposits some money at 2.5% annual interest and twice as much at 3.0%. Find the amount deposited at each rate if his total annual interest income is $850.
-
Read the case study "Southwest Airlines," found in Part 2 of your textbook. Review the "Guide to Case Analysis" found on pp. CA1 - CA11 of your textbook. (This guide follows the last case in the...
-
KYC's stock price can go up by 15 percent every year, or down by 10 percent. Both outcomes are equally likely. The risk free rate is 5 percent, and the current stock price of KYC is 100. (a) Price a...
-
The fraction nonconforming control chart in Exercise 7.3 has an LCL of zero. Assume that the revised control chart in part (b) of that exercise has a reliable estimate of the process fraction...
-
Discuss some measures that should be taken to maintain control over merchandise inventory.
-
Write a program that displays a drawing for the popular hangman game, as shown in Figure 14.48a. (a)
-
What do closing entries accomplish? a. Transfer revenues, expenses, and dividends to retained earnings b. Zero out the revenues, expenses, and dividends to prepare them for the next period C. Bring...
-
Mansfield Corporation had 2013 sales of $100 million. The balance sheet items that vary directly with sales and the profit margin are as follows: Percent Cash ..............5% Accounts receivable...
-
The master budget for Lily's Bakery assumes that the bakery will sell 1,000 wedding cakes during 2019. However, Lily had a banner year and actually sold 1,400 wedding cakes. Lily's master budget...
-
Solve each compound inequality. Graph the solution set, and write it using interval notation. x + 5 11 and x-3 1
-
Solve each equation or inequality. Give the solution set in set notation for equations and in interval notation for inequalities. 63(2x) < 2(1+x) + 3
-
Typographical and spelling errors can be either nonword errors or word errors. A nonword error is not a real word, as when the is typed as teh. A word error is a real word, but not the right word, as...
-
Discuss how the health care industrys share of GDP aff ects the overall economy. Is too much money being spent for health care? Can America continue to spend this amount (or more) without sacrifi...
-
Discuss the importance of the three-year strategic plan. How does it relate to the hospitals future fi nancial health? If the hospital were not required to prepare such a plan, what impact would it...
-
Review the OIGs current work plan and determine actions the organization can take to minimize governmental penalties.
-
Discuss the pros and cons of having the patient registration department report to the fi nance division or the operating division. Determine to which it should report.
-
Discuss the most important steps in the capital budget process. Why are these more important than other steps? What impacts do they have on the timeliness, eff ectiveness, and quality of the budget?
-
1. Do you think that the use of rebates offers a company a cost-leadership advantage? Why or why not? Explain your answer. 2. How would you analyze the use of rebates from a competitive dynamic...
-
What is a manufacturing system?
-
Work each problem. For what values of a does y = ax 2 - 8x + 4 have no x-intercepts?
-
Find a polynomial function (x) of least degree having only real coefficients and zeros as given. Assume multiplicity 1 unless otherwise stated. 2 + i and -3 (multiplicity 2)
-
Approximate the real zero discussed in each specified exercise. Exercise 50 (x) = 2x 3 - 9x 2 + x + 20; 2 and 2.5
-
Jones Manufacturing Inc. sponsored a defined benefit pension plan effective 1 January 20X7. The company uses the projected unit credit actuarial cost method for funding and accounting. Long-term...
-
The tallest mountain in the United States is Denali (formerlyknown as Mt. McKinley) in Alaska, with a summit elevation of 6190m. Atmospheric pressure at the top is 606 mmHg. Assuming that...
-
a.Sheila weighs 55 kg (121 pounds). She starts her day off witha large cup of Starbucks coffee (330 mg caffeine). Every day shedrinks at least three large cans of Monster energy drink, eachcontaining...
Study smarter with the SolutionInn App