Use the Simple Interest Formula

question 190

Multiple Choice

Use the simple interest formula.
-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 $700,
How much did Kevin invest in the mutual fund?

• A) $2000
• B) $3000
• C) $8000
• D) $1000

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