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Solve the Problem. -A College Student Earned $5900 During Summer Vacation Working as Vacation

question 133

Multiple Choice

Solve the problem.
-A college student earned $5900 during summer vacation working as a waiter in a popular restaurant. The student invested part of the money at 10% and the rest at 6%. If the student received a total of $478 in interest at the end of the year, how much was invested at 10%?

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Definitions:

Opportunity Costs

The value of the best alternative you give up as a result of choosing a different option.

Scarce Resources

Refers to the limited availability of resources that are used for the production of goods and services, necessitating choices about their allocation.

Opportunity Cost

The cost of foregoing the next best alternative when making a decision or choosing an action.

Tuition

The fee for instruction at a school, university, or college.

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