Solve the problem.A person plans to invest $10,000 in a CD at 6% annual interest and in a mutual fund that has a 3-year average annual interest of 11%. Let x and y represent the money (in dollars) invested in the CD and the mutual fund, respectively. How much money should be invested in each account to earn a total of $700 in one year?
A. $2000 invested at 6%; $8000 invested at 11%
B. $9000 invested at 6%; $1000 invested at 11%
C. $7000 invested at 6%; $3000 invested at 11%
D. $8000 invested at 6%; $2000 invested at 11%
Answer: D
Mathematics
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