Maddy W.

asked • 01/26/16# I need help solving this

Nico is saving money for his college education. He invests some money at 9?%, and ?$1400 less than that amount at 4%. The investments produced a total of ?$217 interest in 1 yr. How much did he invest at each? rate?

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## 1 Expert Answer

Andrew M. answered • 01/26/16

Tutor

New to Wyzant
Mathematics - Algebra a Specialty / F.I.T. Grad - B.S. w/Honors

If the interest is compounded annually, and we are only dealing

with 1 year... the simple interest formula can be used. If the

interest is compounded anything other than annually, we need

to use the compound interest formula. I am going to assume

with 1 year... the simple interest formula can be used. If the

interest is compounded anything other than annually, we need

to use the compound interest formula. I am going to assume

this interest is annual and thus we can use I=prt

Let x = amount invested at 9%

x-1400 = amount invested at 4%

I = 217 = interest at 9% plus the interest at 4%

217 = x(.09)(1) + (x-1400)(.04)(1)

217 = .09x + .04x - 56

217 + 56 = .13x

x = 273/.13 =

**$2,100 at 9%**2100-1400 =

**$700 at 4%**## Still looking for help? Get the right answer, fast.

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Sanhita M.

01/26/16