Problema Solution
kevin invested part of his $10,000 bonus in a certificate of deposit that paid 6% annual simple interest, and the remainder in a mutual fund that paid 11% annual simple interest. f his total interest for that year was $800, how much did kevin invest in the mutual fund?
Answer provided by our tutors
.11x+.06(10,000-x)=800
.11x+600-.06x=800
.05x=800-600
.05x=200
x=200/.05
x=4,000 invested @ 11%.
10,000-4,000=6,000 invested @ 6%