A team of cancer research specialists received a grant of $500,000 to be used for cancer research. They deposited some of the mo
ney in a 10% simple interest account and the remainder in an 9% annual simple interest account. How much was deposited in each account if the annual interest is $49,500?
When I took the test, I selected "C. an arrangement in which you receive money now and pay it back later with fees" but I got it wrong. So I'm pretty sure the answer is "A. an arrangement in which you receive money, goods, or services now in exchange for the promise of payment later"
