Sam Has $20,000 to Invest

question 103

Multiple Choice

Sam has $20,000 to invest. He invested part at 5% and part at 6%. His investments earned $1,120 total interest for the year. How much did Sam invest at each rate?

• A) $12,000; $8000
• B) $10,000; $10,000
• C) $6000; $14,000
• D) $14,000; $6000
• E) $8000; $12,000

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Definitions:

Inelastic Demand

Characterizes a situation where the quantity demanded of a good or service changes very little in response to changes in price.

Price Elasticity of Demand

A measure of the sensitivity of quantity demanded to a change in price, indicating how a product's demand responds to price changes.

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Facilities equipped with a series of holes, landscapes, and obstacles designed for the game of golf, where individuals can play rounds of golf.

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