SOLUTION: Nico is saving money for his college education. He invest some money at 5%, and $1600 less than that amount at 3%. The investments produced a total of $144 interest in 1yr. How muc
Algebra ->
Customizable Word Problem Solvers
-> Finance
-> SOLUTION: Nico is saving money for his college education. He invest some money at 5%, and $1600 less than that amount at 3%. The investments produced a total of $144 interest in 1yr. How muc
Log On
Question 1110072: Nico is saving money for his college education. He invest some money at 5%, and $1600 less than that amount at 3%. The investments produced a total of $144 interest in 1yr. How much did he invest at each rate? Answer by addingup(3677) (Show Source):
You can put this solution on YOUR website! Some money: x
0.05x + 0.03(x-1600) = 144
0.05x + 0.03x - 48 = 144
0.08x = 192
x = 2,400 was invested at 5%
and
2,400 - 1600 = 800 was invested at 3%
