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

Question 225686: Kevin invested part of his $10,000 bonus in a certificat of deposit that paid 6% annual simple interest, and the remainder in a mutual fund that paid 11% annual simple interest. if his total inerest for that year was $700, how much did kevin invest in the mutual fund?
Answer by checkley77(12844) (Show Source): You can put this solution on YOUR website!
.11x+.06(10,000-x)=700
.11x+600-.06x=700
.05x=700-600
.05x=100
x=100/.05
x=2,000 invested @ 11%.
10,000-2,000=8,000 invested @ 6%
Proof:
.11*2,000+.06*8,000*700
220+480=700
700=700

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