SOLUTION: nico is saving money for his college education. he invest some money at 7% and at 1600 less than that amount at 3%. the invests produces a total of $202 interest in 1 yr. how much
Algebra ->
Customizable Word Problem Solvers
-> Finance
-> SOLUTION: nico is saving money for his college education. he invest some money at 7% and at 1600 less than that amount at 3%. the invests produces a total of $202 interest in 1 yr. how much
Log On
Question 765288: nico is saving money for his college education. he invest some money at 7% and at 1600 less than that amount at 3%. the invests produces a total of $202 interest in 1 yr. how much did he invest at each rate. 7% and at 3% Answer by reviewermath(1029) (Show Source):
You can put this solution on YOUR website! Q:
nico is saving money for his college education. he invest some money at 7% and at 1600 less than that amount at 3%. the invests produces a total of $202 interest in 1 yr. how much did he invest at each rate. 7% and at 3%
-------------------------------------------------------------------
A:
Let x = amount invested at 7%
therefore, x - 1600 = amount invested at 3%
0.07x + 0.03(x - 1600) = 202
0.07x + 0.03x - 48 = 202
0.1x = 250
x = 2500
x - 1600 = 900
ANSWERS: $ at 7% and $ at 3%
