Question

Nico is saving money for his college education. He invests some money at 9%, and $1700 less than that amount at 5%. The investments produced a total of $279 interest in 1 yr. How much did he invest at each

ate?
He invested Sat 9% and $at 5%.

Answer 1

$2600 at 9%

$900 at 5%

Explanation:

Let x be the amount he invests at 9%. Then the amount at 5% will be x - 1700. His interest for one year is

279 = 0.09x + 0.05(x - 1700)

= 0.09x + 0.05x - 85

279 + 85 = 0.14x

x = 364/0.14

= 2600

x = 2,600 amount invested at 9%.

2,600 - 1,700 = 900 amount invested at 5%.

So, he invested $2600 at 9% and $900 at 5%.

Proof:

0.09*2,600 + 0.05*900 = 279

234 + 45 =279

279 = 279