A Man Invests a Total Of $\$ 21,000$ In Two Accounts, One Paying

question 31

Essay

A man invests a total of $\$ 21,000$ in two accounts, one paying $5.5 \%$ simple interest per year and the other paying $8.5 \%$ simple interest per year. His annual interest from both accounts is $\$ 1,280$ . How much did he invest at each rate?

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Definitions:

Income Tax Rate

The percentage of an individual's or corporation's income that is paid to the government as tax.

Catalog

A comprehensive collection or list of items, especially one systematically arranged, often found in printed form or online for shopping purposes.

Media Usage

The manner and extent to which individuals or organizations use various channels of communication to receive or disseminate information.

Demographics

Statistical data relating to the population and particular groups within it, often used for identifying marketing targets.