SOLUTION: Nico is saving money for his college education. He invests some money at 7%, and $1400 less than that amount at 3 %. The investments produced a total of $148 interest in 1
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Question 1145743: Nico is saving money for his college education. He invests some money at 7%, and $1400 less than that amount at 3 %. The investments produced a total of $148 interest in 1 yr. How much did he invest at each rate? Answer by richwmiller(17219) (Show Source):
You can put this solution on YOUR website! .07x+.03y=148
y=x-1400
substitute x-1400 for y
.07x+.03(x-1400)=148
.07x+.03x-.03*1400=148
.1x-42=148
.1x=190
x=1900 at 7%
1900-1400=500 at 3%
check
.07 *1900+.03*500=148
.07*1900+.03*500=148
133+15=148
148=148
ok
