Problema Solution
Nico is saving money for his college education, he invests some money at 8% and $1500 less than that amount at 6%. The innestments produced a total of $218 interest in 1 year. How much did he invest at each rate?
Answer provided by our tutors
let invest i 8% = x
interest = 8x/1000
invest in 6% = x-1500
interest = (x-1500)6/100
total interest = (14x - 9000)/100
=> 14x/100 - 90 = 218
=> 14x/100 = 308
=> x = 2200
invest in 8% = $2200
invest in 6% = $700