Write the Word or Phrase That Best Completes Each Statement

question 155

Essay

Write the word or phrase that best completes each statement or answers the question.
-Lexie wants to have an income of $9000 per year from investments. To that end she is going to invest$90,000 in three different accounts. These accounts pay 7%, 10%, and 14% simple interest. If she wants tohave $10,000 more in the account paying 7% simple interest than she has in the account paying 14% simpleinterest, how much should go into each account?

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Definitions:

Accounting Cycle

The process of recording, classifying, summarizing, and interpreting financial transactions over a fiscal period, culminating in the preparation of financial statements.

Purchasing Cycle

A series of steps that a company goes through to acquire goods or services, from the identification of a need to the approval of the invoice for payment.

Operating Cycle

The period of time it takes for a business to acquire inventory, sell it, and convert the sale into cash.