Donna Invested Money in Two Accounts: One Paying 4% Simple

question 126

Multiple Choice

Donna invested money in two accounts: one paying 4% simple interest and the other paying 3% simple interest. She invested $3000 more in the 4% account than in the 3% account. If she received $960 in interest at the end of 1 yr how much did she invest in each account?

• A) $14,000 at 4% and $11,000 at 3%
• B) $11,000 at 4% and $14,000 at 3%
• C) $12,000 at 4% and $15,000 at 3%
• D) $15,000 at 4% and $12,000 at 3%

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Definitions:

Limited-Service

Refers to businesses or offerings that provide a selective range of services as opposed to comprehensive, full-service options.

Merchant Wholesalers

Businesses that buy goods in large quantities from producers, store them, and then resell them to retailers or other businesses.

Wheel of Retailing

A theory that describes how retail outlets evolve over time, starting from low-end, gradually upscaling, and potentially becoming more conventional or full-service establishments.

Off-Price Retailing

A retail strategy selling branded goods at prices lower than the typical market price, often through buying overstocked or out-of-season items from manufacturers.