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12 December, 17:51

Nico is saving money for his college education. He invests some money at 9% and $1400 less than that amount at 3%. The investments produced a total of $198 interest in 1 yr. how much did he invest at each rate?

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  1. 12 December, 17:59
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    Let x = the amount of money he invests at 9%

    and y = the amount of money he invests at 3%

    y = x - 1400

    0.09x + 0.03y = 198

    x - y = 1400

    9x + 3y = 19800

    3x - 3y = 4200

    9x + 3y = 19800

    12x = 24000

    x = 2000

    y = 600

    $2000 invested at 9% interest

    and $600 invested at 3% interest.
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