Write the Word or Phrase That Best Completes Each Statement

question 201

Multiple Choice

Write the word or phrase that best completes each statement or answers the question.
-Kevin invested part of his $10,000 bonus in a certificate of deposit that paid 6% annual simple interest, andthe remainder in a mutual fund that paid 11% annual simple interest. If his total interest for that year was$800, how much did Kevin invest in the mutual fund?

• A)$4,000
• B)$6,000
• C)$5,000
• D)$3,000

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Definitions:

Supply of Loanable Funds

The total amount of funds that lenders are willing to loan at a given interest rate in an economy.

Elastic

Describes a situation in economics where the quantity demanded or supplied of a good changes significantly in response to changes in its price.

Demand for Land

The desire or need by individuals or businesses to purchase or lease land for various uses such as agriculture, commercial, or residential purposes.

Supply of Land

The total land area that is available for a particular use, such as agriculture, industry, or housing, which is often fixed and inelastic in the short term.