Nico is saving money for his college education. He invests some money at 7%, and $2300 less than that amount at 5%. The investments produced a total of $221 interest in 1 yr. How much did he invest at each rate?

Question

Nico is saving money for his college education. He invests some money at 7​%, and ​$2300 less than that amount at 5%. The investments produced a total of ​$221 interest in 1 yr. How much did he invest at each​ rate?

Hero · Answer

Hi @audreymitchell8, I'm going to help you setup this problem.

Hero · Answer

Let x represent the amount of money invested at seven percent
and y represent the amount total amount of money invested

Then we can setup two equations as follows:
(1st)       x + (x - 2300) = y
(2nd) .07x + .05(x - 2300) = 221

Hero · Answer

The 1st equation represents the total amount of money invested in both accounts
The 2nd equation represents the interest gained after one year.

will · Answer

2521