Question 283771: 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?
Answer by mananth(16946)   (Show Source):
You can put this solution on YOUR website! 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?
Let Kevin invest Rs x at 6%
He will invest 10000-x at 11%
6/100 * x +11/100 * = 900
0.06 x +0.11x=900
0.17x =900
x= 900/0.17
x=5294.11 which is the amount invested at 6%
10000-5294.11=4705.89 at 11 %
x=
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