Solve the problem.
-Kevin invested part of his $10,000 bonus in a certificate of deposit that paid 6% annual interest, and the remainder in a mutual fund that paid 11% annual interest. If his total interest for that year was $800, how much
Did Kevin invest in the mutual fund?
A) $4000
B) $6000
C) $3000
D) $5000

Question

Quizplus · Accepted Answer

Let x be the amount invested in the mutual fund. Then, $10,000 - x is the amount invested in the certificate of deposit. The equation for total interest is 0.06(10,000 - x) + 0.11x = 800. Solving this equation gives x = $4000.

Solve the Problem. -Kevin Invested Part of His $10,000 Bonus in a Certificate