i need to make sure i set this up correct nico is saving money for his college education, he invest some money at 6% and 1300 less than that amount at 5% the investment produced a total of 144 interest in 1 year how much did he invest at each rate 2/23/2014 | Brent from Sedalia, MO | 2 Answers | 0 Votes Mark favorite Subscribe Comment
Hi Brent Let I be the amount of money invested, then we can calculate the interest using the information given Ix(.06) +(I-1300)x.05 = 144 so we have .06I + .05I -65 =144, solving for I gives I = 1900. Interest from the first investment =.06x $1900=$114 Interest from the 2nd investment = .05($1900-$1300)= $30 and together they add to $114 + $30 =$144. Regards Jim S 2/23/2014 | Jim S. Comment
X - amount invest in 6% X - 1300 - amount invests in 5 % X ( 0.06 ) + ( X - 1300) 0.05 = 144 X ( 0.06 + 0.05) = 1300 * .05 + 144 X ( 0.11) = 209 X = 209/ 0.11 = $1900 / invested in 6% $ 1900 - 1300 = $ 600 / invested in 5% 2/23/2014 | Parviz F. Comment