a guy gets a $10,000 bonus he puts some into a cd which pays 6% he puts the rest in a fund that pays 11% he got $900 in interest how much did he put in the fund?
i am stumped! i just draw a blank! can you help!!!!!!!11
>.< I'll give you a hint.
Let x = the amount he put into a CD(not to be confused with the circular thingy ;/).
Let 10000-x = the amount he put into the fund.
When you understand this, the rest should come to you.
i'm new at this i get 4000 and 6000 but i don't know the formula
Yes, 4000 and 6000 is correct. What formula?
thanks for your help.
To find out how much he put in the fund, we can set up a system of equations based on the given information.
Let's assume that the amount he put in the CD is represented by 'x' dollars. Since the entire bonus is $10,000, the amount he put in the fund can be represented by '10,000 - x' dollars.
The interest earned from the CD can be calculated by multiplying the amount in the CD by the interest rate (6% or 0.06): 0.06x.
Similarly, the interest earned from the fund can be calculated by multiplying the amount in the fund by the interest rate (11% or 0.11): 0.11(10,000 - x).
The sum of the interest earned from the CD and the interest earned from the fund is $900:
0.06x + 0.11(10,000 - x) = 900.
Now, let's solve for 'x'.
0.06x + 0.11(10,000 - x) = 900.
0.06x + 1,100 - 0.11x = 900.
-0.05x = -200.
x = (-200) / (-0.05).
x = 4000.
Therefore, the guy put $4,000 in the CD. The remaining amount, $10,000 - $4,000 = $6,000, was put in the fund.