Solve the problem.
-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. If his total interest for that year was $900, how much did Kevin invest in the mutual fund?
A)$4000
B)$7000
C)$6000
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 = $900. Solving this equation gives x = $6000.

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