SOLUTION: Kevin invested part of his $10,000 bonus in a deposit that paid 6% annual simple interest, and the remainder in a mutual fund that paid 11% annual simple interest. If his total int

Question 189824: Kevin invested part of his $10,000 bonus in a 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?
Answer by jojo14344(1513) (Show Source): You can put this solution on YOUR website!

Let x= money in a deposit at 6%
So, $10,000 - x= money in a mutual fund at 11%

If we add the two investment, we get $900.00 total interest.
It follows,

Combine similar terms,

--->
x = $4,000.00, money in a deposit

Then, $10,000 - $4,000 = $6,000.00, money in a mutual fund

Check,

Thank you,
Jojo

RELATED QUESTIONS
Kevin invested part of his 10,000 bonus in a certificate of deposit that paid 6% annual... (answered by mananth)
Kevin invested part of his 10,000 bonus in a certificate of deposit that paid 6% annual... (answered by jorel1380)
Kevin invested part of his $10,000 bonus in a certificat of deposit that paid 6% annual... (answered by checkley77)
kevin invested part of his $10,000 bonus in a certificate of deposit that paid 6% annual... (answered by richwmiller)
good morning, this is my question. Kevin invested part of his $10,000 bonus in a... (answered by MathTherapy)
okay, let's try this again; a man invested part of his $10,000 bonus in a certificate of (answered by rapaljer)
Kevin invested part of his $10,000 bonus in a certificate of deposit that paid 6%... (answered by mananth)
Kevin invested part of his $10,000 bonus in a cd that paid 6% interest, and the rest in a (answered by mananth)
joan had $1000 to invest. she invested part of the money in a COD that paid 4% annual... (answered by Fombitz)