Question

Nico is saving money for his college education. He invests some money at 99​%, and ​$17001700 less than that amount at 4 %.4%. The investments produced a total of ​$257 interest in 1 yr. How much did he invest at each​ rate?

Answer 1

Answer:

Nico invest $2500 at 9% interest rate and $800 at 4% interest rate.

Explanation:

He invests some money at 9​%, and ​$1700 less than that amount at 4 %.

Let Nico invest $x at 9%.

It means he invest $( x-1700) at 4%.

The investments produced a total of ​$257 interest in 1 yr.

$x\times \frac{9}{100}+(x-1700)\times \frac{4}{100}=257$

$0.09x+(x-1700)0.04=257$

$0.09x+0.04x-68=257$

$0.13x-68=257$

Add 68 on both sides.

$0.13x=257+68$

$0.13x=325$

Divide both sides by 0.13.

$x=2500$

Nico invest $2500 at 9% interest rate.

$x-1700=2500-1700=800$

Nico invest $800 at 4% interest rate.

Therefore Nico invest $2500 at 9% interest rate and $800 at 4% interest rate.