skyler invested $6,000 in a bond fund. at the end of the month, skyler received a return of 3% on the…
skyler invested $6,000 in a bond fund. at the end of the month, skyler received a return of 3% on the investment. additionally, skyler earns a monthly salary of $3,500 and received an overtime payment of $300. in the same month, she received a quarterly bonus of $750. how much did skyler earn in total for the month? $5,430 $5,180 $4,730 $4,680
Answer
Explanation:
Step1: Calculate investment return
The investment is $6000$ and the return rate is $3%$. The return amount is $6000\times 0.03= 180$.
Step2: Calculate total monthly earnings
The monthly salary is $3500$, the overtime pay is $300$, and the quarterly - bonus needs to be divided by 3 to get the monthly equivalent (since quarterly means every 3 months), so the monthly equivalent of the quarterly bonus is $\frac{750}{3}=250$. Then add the investment return. The total monthly earnings are $3500 + 300+250 + 180=4230$.
Answer:
None of the provided options are correct. The correct amount is $4230$.