Nico's investment at each rate

Question

Nico is saving money for his college education. He invests some money at 9% and 2100$ less than that at 8% the investment produced a total of 308$ in 1 year. How much did he invest at each rate

Answer 1

x = how much money Nico invests at 9%.

 

x*.09 is how much would be returned at the 9% rate.

 

(x-2100)*.08 is how much would be returned at the 8% rate. 

 

x*.09+(x-2100)*.08 is how much would be returned total because we added the product of the two rates together. This is equal to 308 because the question states that the total produced is 308. so...

 

x*.09+(x-2100)*.08 = 308 Now solve the algebra. Remember to distribute the .08 to both x and -2100.

 

.09x+.08x-168=308 .....add the two x's together...   .17x-168=308 ... add 168 to both sides... .17x=476   ..... divide both sides by .17..... 

 

x=2800

 

Hope this helped, feel free to ask any questions!