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16 August, 12:06

Nico is saving money for his college education He invest some money at 6% and 1300 less than that amount ay 3%. The investments produced a total of 150 intrest in 1year. How much did he invest at each rate

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  1. 16 August, 12:28
    0
    2100 at 6% and 800 at 3%

    Step-by-step explanation:

    Let's call the amount of money Nico invests at 6% X, so the amount he invests at 3% will be (X-1300).

    if the total interest produced is 150 in one year, we can formulate the following equation:

    0.06*X + 0.03 * (X-1300) = 150

    0.06*X + 0.03*X - 39 = 150

    0.09*X = 189

    X = 189/0.09 = 2100

    The second investment is X - 1300 = 800

    Nico invested 2100 at 6% and 800 at 3%
  2. 16 August, 14:22
    0
    At 6%, $2,100 invested, at 3%, $800 invested

    Step-by-step explanation:

    In this question, we are asked to calculate the amount of money which was invested at two different rates given the interest accursed at both rates.

    Since we do not know the amount of money invested, we can say let the amount of money invested be x.

    Now, generally the formula for simple interest stands at;

    I = PRT/100, with our time being 1 year, there is no difference with just multiplying the principal by the rate.

    At 6%, he invested $x.

    Mathematically the interest here would be;

    6/100 * x = 6x/100

    At 3%, amount invested is 1300 less than x, meaning x-1300

    Interest here is 3/100 * (x-1300)

    Adding both interests will give a total of 150.

    Hence;

    6x/100 + 3 (x-1300) / 100 = 150

    Let's now solve for x

    (6x + 3x - 3900) / 100 = 150

    9x - 3900 = 15000

    9x = 15000 + 3900

    9x = 18,900

    x = 18,900/9

    x = $2,100

    At 6%, $2,100 invested, at 3%, $800 invested
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