Solve. -Melissa Invested a Sum of Money at 3% Annual Simple

question 96

Multiple Choice

Solve.
-Melissa invested a sum of money at 3% annual simple interest. She invested three times that sum at 5% annual simple interest. If her total yearly interest from both investments was $7200, how much was invested at 3%?

• A)$40,000
• B)$90,000
• C)$270,000
• D)$30,000

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Definitions:

Securities & Exchange Commission

A U.S. federal agency responsible for enforcing federal securities laws, regulating the securities industry, and overseeing the stock and options exchanges.

Inventories

Items held for sale in the ordinary course of business, or goods to be used in the production of goods to be sold, including raw materials, work-in-progress, and finished goods.

Current Asset

Assets expected to be converted into cash, sold, or consumed either in one year or in the operating cycle of a business, whichever is longer.