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April 20, 2014

Homework Help: Math

Posted by Erica on Monday, April 16, 2012 at 4:40pm.

Nico was stunned when he opened the mail. Here was a check for $322.50! This was the interest he earned on his investment. One year ago Nico had been given $5,000. His parents made him put it in the bank and save it for college, but they said he could keep the interest it earned each year. A portion of his money in a high rate account that earned 8% annual interest. The rest is in a regular account that earned 3%. Both accounts pay simple interest computed at the end of each year. How much of Nico's money was invested in each account?

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