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

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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) About Me  (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,
0.06%28x%29%2B0.11%2810000-x%29=900
0.06x%2B1100-0.11x=900
Combine similar terms,
1100-900=0.11x-0.06x
200=0.05x ---> cross%28200%294000%2Fcross%280.05%29=cross%280.05%29x%2Fcross%280.05%29
x = $4,000.00, money in a deposit

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

Check, 0.06%284000%29%2B0.11%286000%29=900
240%2B660=900
900=900

Thank you,
Jojo