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30 November, 12:09

Kevin invested part of his $10,000 bonus in a certificate of deposit that paid 6% annual simpleinterest, and the remainder in a mutual fund that paid 11% annual simple interest. if his totalinterest for that year was $700, how much did kevin invest in the mutual fund?

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  1. 30 November, 12:37
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    0.06x + 0.11 (10000 - x) = 700

    0.06x + 1100 - 0.11x = 700

    0.05x = 400

    x = 8000

    10000-8000 = 2000

    Kevin invested $2000 in the mutual fund.
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