Solve the Problem. -Kevin Invested Part of His $10,000 Bonus in a Certificate

question 111

Multiple Choice

Solve the problem.
-Kevin invested part of his $10,000 bonus in a certificate of deposit that paid 6% annual interest, and the remainder in a mutual fund that paid 11% annual interest. If his total interest for that year was $800, how much
Did Kevin invest in the mutual fund?

• A) $4000
• B) $6000
• C) $3000
• D) $5000

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Definitions:

Cost Aggregation

The process of combining individual costs or expenses to form a summary total.

Subtotaling Costs

The process of summing up individual costs to create a comprehensive total before final totals or further calculations.

EAC

"Estimate At Completion" - a forecast of the total cost of a project at its conclusion, accounting for all known risks and variables.

Actual Cost

The direct and indirect expenses incurred in executing a project, also known as the actual cost of work performed.