Solve the Problem. -Melissa Invested a Sum of Money at 3% Annual Interest

question 91

Multiple Choice

Solve the problem.
-Melissa invested a sum of money at 3% annual interest. She invested three times that sum at 5% annual interest. If her total yearly interest from both investments was $5400, how much was invested at 3%?

• A) $67,500
• B) $30,000
• C) $202,500
• D) $22,500

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Definitions:

Comparative Advantage

The ability of an individual or country to produce a particular good at a lower opportunity cost than another.

Absolute Advantage

The ability of a party to produce a greater quantity of a good, product, or service than competitors, using the same amount of resources.

Donuts

A type of fried dough confection or dessert food, often sweetened or glazed.

Comparative Advantage

The skillfulness of an individual or team in performing a particular economic function more proficiently than another task.