SOLUTION: Nico is saving money for his college education. He invests some money at 9%, and 1600 less than that amount at 7%. The investments produced a total of $224 interest in 1 yr. How mu

Question 1097255: Nico is saving money for his college education. He invests some money at 9%, and 1600 less than that amount at 7%. The investments produced a total of $224 interest in 1 yr. How much did he invest at each rate.
Answer by ikleyn(52786) (Show Source): You can put this solution on YOUR website!
.

Let x be the money amount invested at 9%, in dollars.


Then the the money amount invested at 7% is (x-1600) dollars.


Then the total interest equation is


0.09*x + 0.07*(x-1600) = 224.


Solve for x.

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