Nico is saving money for his college education. He invests some money at 6%, and $1900 less than that amount 5%. The investments produced a total of $180 interest in 1 year. How much did he invest at each rate?
just add up the interest:
.06x + .05(x-19000) = 180
Find x, and then you're almost done.
To find out how much Nico invested at each rate, we can create a system of equations based on the given information.
Let's represent the amount Nico invested at 6% as 'x', and the amount he invested at 5% would be '$x - 1900' (since it is $1900 less than the amount invested at 6%).
Now, we can set up the equations:
1) The interest earned from the investment at 6%: 0.06x
2) The interest earned from the investment at 5%: 0.05(x - 1900)
The sum of these two interests should give us the total interest earned, which is $180. Therefore, we can write the equation:
0.06x + 0.05(x - 1900) = 180
Now, let's solve this equation to find the value of 'x'.