Question 1097144: good morning, this is my question. Kevin invested part of his $10,000 bonus in a certificate of deposit thatpaid 6% annual simple interest, and the remaninder in a mutual fund that paid 11% annual simple interest. It his total interest for that year was $700, how much did kevin invest in the mutual fund? Thanks
Answer by MathTherapy(10556)   (Show Source):
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good morning, this is my question. Kevin invested part of his $10,000 bonus in a certificate of deposit thatpaid 6% annual simple interest, and the remaninder in a mutual fund that paid 11% annual simple interest. It his total interest for that year was $700, how much did kevin invest in the mutual fund? Thanks
let amount invested in the mutual fund be M
Then amount invested in the CD = 10,000 - M
We then get: .11M + .06(10,000 - M) = 700
.11M + 600 - .06M = 700
.11M - .06M = 700 - 600
.05M = 100
Amount invested in the mutual fund, or 
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