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:

Iran-Contra Affair

Scandal of the second Reagan administration involving sales of arms to Iran in partial exchange for release of hostages in Lebanon and use of the arms money to aid the Contras in Nicaragua, which had been expressly forbidden by Congress.

Washington Insider

A person who is a part of the political, media, or policy-making establishment in Washington, D.C., often having significant influence or access.

Reaganomics

The economic policies of U.S. President Ronald Reagan, characterized by tax cuts, decreased social spending, increased military spending, and deregulation of domestic markets.

Historical Significance

The importance attributed to a past event, person, or development in history, often because it had a considerable impact on later events or cultural understandings.