Write the Word or Phrase That Best Completes Each Statement

question 390

Essay

Write the word or phrase that best completes each statement or answers the question.
-Melody has $45,000 to invest and wishes to receive an annual income of $4290 from this money. She haschosen investments that pay 5%, 8%, and 12% simple interest. Melody wants to have the amount investedat 12% to be double the amount invested at 8%. How much should she invest at each rate?

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Definitions:

Financial Statement

Reports that summarize the financial performance, position, and cash flows of a business over a specified period.

Permanent/Temporary

Classification of accounts where permanent accounts are balance sheet items that carry over into the next fiscal year, and temporary accounts are income statement items that are closed at year-end.

Copyright Protection

Legal right granted to the creator of original works of authorship, including literary, dramatic, musical, and certain other intellectual works, to control and profit from their use for a certain period.

Normal Balance

The side (debit or credit) of an account that is expected to have a positive balance, determining the increase or decrease of an account.