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

question 67

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 taxes

Taxes levied by governments on individuals or entities' income.

FIFO

Stands for First In, First Out, an inventory valuation method where goods purchased or produced first are sold or used first.

Gross profit

The difference between revenue and the cost of goods sold (COGS), representing the profit made before deducting operating expenses.

Net income

The profit of a company after all revenues, costs, and expenses have been subtracted, indicating the actual earnings.