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lesya [120]
3 years ago
9

Nico is saving money for his college education. He invests some money at 9​%, and ​$1700 less than that amount at 8% The investm

ents produced a total of ​$306 interest in 1 yr. How much did he invest at each​ rate?
Mathematics
1 answer:
Mashutka [201]3 years ago
5 0

Answer:

$2600 at 9%  and $900 at 8%

Step-by-step explanation:

Convert world problem to algebra:

(x*1.09)+((x-1700)*1.08) = (2x-1700)+306

Solve problem:

1.08 (x - 1700) + 1.09 x = 2 x - 1394

x=2600

first value is x (2600) and second value is 1700 less than x so its x-1700 (2600-1700=900)

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The exponential function that represents the future value of the investment is $300(1.04)^t.

<h3>What is the exponential function?</h3>

The exponential function that can be used to determine the future value of the investment is:

FV = P (1 + r)^nm

  • FV = Future value
  • P = Present value
  • R = interest rate
  • m = number of compounding
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$300(1.04)^t.

Where t represents number of years

To learn more about future value, please check: brainly.com/question/18760477

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Step-by-step explanation:

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