Set Up an Equation That Can Be Used to Solve

question 44

Multiple Choice

Set up an equation that can be used to solve the problem. Solve the equation and answer the question asked.
-A bank loaned out $63,000, part of it at the rate of 11% per year and the rest at a rate of 4% per year. If the interest received was $4830, how much was loaned at 11%?

• A) $33,000
• B) $29,000
• C) $30,000
• D) $34,000

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Definitions:

Expected Value

The anticipated value of a variable, calculated as a weighted average of all possible values, with weights being their probabilities of occurrence.

Income

The total amount of money received by an individual or group over a certain period, often derived from work, investments, or business ventures.

Probability

Probability is a measure of the likelihood of an event to occur, expressed as a number between 0 and 1, where 0 indicates impossibility and 1 indicates certainty.

Certain Income

A guaranteed or fixed amount of money received, not subject to variations or uncertainties.