Whitney Invested $8,000, Part at 14% and Part at 8

question 83

Short Answer

Whitney invested $8,000, part at 14% and part at 8%. If the total interest at the end of the year is $940, how much did she invest at each rate?

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Definitions:

Retail Credit

An arrangement where retailers offer direct credit facilities to their customers for the purchase of goods and services.

Work-in-progress

Refers to the intermediate goods or partially finished goods that are in the process of production.

Raw Materials

Basic materials or substances used in the initial stages of manufacturing or production.

Finished Goods

Items that are finished being made and can now be purchased by consumers.