show solving steps:
Charles invested PART of his $10,000 bonus in a cetificate 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 Charles invest in the mutual fund?
use formula
I = P. r. t
where:
'Interest' is the total amount of interest paid,
'Principal' is the amount lent or borrowed,
'Rate' is the percentage of the principal charged as interest each year. The rate is expressed as a decimal fraction, so percentages must be divided by 100. For example, if the rate is 15%, then use 15/100 or 0.15 in the formula.
'Time' is the time in years of the loan.
Charles invested PART of his $10,000 bonus in a cetificate 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 Charles invest in the mutual fund?
use formula
I = P. r. t
where:
'Interest' is the total amount of interest paid,
'Principal' is the amount lent or borrowed,
'Rate' is the percentage of the principal charged as interest each year. The rate is expressed as a decimal fraction, so percentages must be divided by 100. For example, if the rate is 15%, then use 15/100 or 0.15 in the formula.
'Time' is the time in years of the loan.