An Executive Invests $35,000, Some at 6% and Some at 7

question 63

Multiple Choice

An executive invests $35,000, some at 6% and some at 7% annual interest.If he receives an annual return of $2,150, how much is invested at each rate?

• A) \(\quad \$ 30,000\) at \(7 \% , \$ 5,000\) at \(6 \%\)
• B) \(\$ 31,100\) at \(6 \% , \$ 3,900\) at \(7 \%\)
• C) \(\quad \$ 30,000\) at \(6 \% , \$ 5,000\) at \(7 \%\)
• D) \(\quad \$ 30,500\) at \(6 \% , \$ 4,500\) at \(7 \%\)
• E) \(\quad \$ 31,000\) at \(6 \% , \$ 4,000\) at \(7 \%\)

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Definitions:

QAM

An acronym for "Quality Assurance Management," pertaining to the systematic monitoring and evaluation of the various aspects of a project, service, or facility to ensure standards of quality are being met.

D/C

An abbreviation commonly used in the medical field, short for "discharge" or "discontinue," depending on the context.

NPO

NPO stands for "nil per os," a Latin phrase that translates to "nothing by mouth," used in medical settings to indicate that a patient should not take anything orally for a period of time.