Problema Solution
nico is saving money for his college education. He invests some money at 7% and $1400 less than that amount at 3%. The investments produced a total of $188 interest in 1 yr. How much did he invest at each rate?
Answer provided by our tutors
Let
x = the money invested at 7%
x - 1400 = the money invested at 3%
The investments produced a total of $188 interest in 1 yr:
0.07x + 0.03(x - 1400) = 188
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x = $2,300
x - 1400 = 2300 - 1400 = $900
Nico invested $2,300 at 7% and $900 at 3%.