Solve. -How Can $28,000 Be Invested, Part at 4% Annual Simple

question 125

Multiple Choice

Solve.
-How can $28,000 be invested, part at 4% annual simple interest and the remainder at 10% annual simple interest, so that the interest earned by the two accounts is equal at the end of the year?

• A)$18,000 invested at 4%; $10,000 invested at 10%
• B)$10,000 invested at 4%; $18,000 invested at 10%
• C)$20,000 invested at 4%; $8000 invested at 10%
• D)$8000 invested at 4%; $20,000 invested at 10%

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Definitions:

Nonparametric Statistical Test

A type of statistical test that does not assume an underlying distribution for the data, often used when data do not meet the assumptions required for parametric tests.

Research Situation

The specific contextual framework or setting in which a study or scientific inquiry is conducted.

One-sample Chi-square

A statistical test that assesses the goodness-of-fit between observed frequencies and expected frequencies in one categorical variable.

One-sample Chi-square Test

A statistical test used to determine if the distribution of categorical variables differs from a hypothesized distribution.