Problema Solution
Kevin invested part of his $10,000 bonus in a cd that paid 6% interest, and the rest in a fund that paid 11% interest. If his total interest was $900, how much did Kevin invest in the fund?
Answer provided by our tutors
let
x = the money invested in a cd that paid %6 interest
y = the money invested in a fund that paid 11% interest
Kevin invested part of his $10,000 bonus in a cd that paid 6% interest, and the rest in a fund that paid 11% interest:
x + y = 10,000
his total interest was $900:
0.06x + 0.11y = 900
by solving the system of equations:
x + y = 10000
0.06x + 0.11y = 900
we find:
x = $4,000
y = $6,000
click here to see the step by step solution of the system of equations:
Kevin invested $6,000 in the fund.