Write the word or phrase that best completes each statement or answers the question.
-Kevin invested part of his $10,000 bonus in a certificate of deposit that paid 6% annual simple interest, andthe remainder in a mutual fund that paid 11% annual simple interest. If his total interest for that year was$800, how much did Kevin invest in the mutual fund?
A)$4,000
B)$6,000
C)$5,000
D)$3,000

Question

Quizplus · Accepted Answer

Kevin invested $4,000 in the mutual fund. If x is the amount invested in the mutual fund, then (10,000 - x) is the amount in the certificate of deposit. The equation is 0.06(10,000 - x) + 0.11x = 800. Solving gives x = 4,000.

Write the Word or Phrase That Best Completes Each Statement