Part of $9,000 Was Invested by an Investment Club at 10

question 30

Multiple Choice

Part of $9,000 was invested by an investment club at 10% interest and the rest at 12%. If the annual income from these investments is $1,060, how much was invested at each rate?

• A) $1,500 at 10% and $8,000 at 12%
• B) $8,000 at 10% and $1,000 at 12%
• C) $1,000 at 10% and $8,000 at 12%
• D) $2,000 at 10% and $8,000 at 12%
• E) $1,000 at 10% and $9,000 at 12%

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Definitions:

Financial Statements

Formal records of the financial activities and position of a business, entity, or individual, including the income statement, balance sheet, and statement of cash flows.

Timeliness

The concept of providing information in a timeframe that is useful for decision-making purposes, often relevant in financial reporting and investing.

Efficiency

The effectiveness with which an organization utilizes resources to achieve its objectives with minimum waste.

Accuracy

The extent to which the outcome of a measurement, computation, or detail agrees with the true value or an established norm.