Rico invests some of his savings at 3 percent per year & an equal amount at 5 percent per year. His income totals 1,800 a year. How much did Rico invest at each rate?

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Rico invests some of his savings at 3 percent per year & an equal amount at 5 percent per year. His income totals 1,800 a year. How much did Rico invest at each rate?

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Answer 1 · 2017-02-17T18:14:50

$$ 22, 500$ $$22,500" "$ at each rate.

Explanation:

The interest is earned over one year, so it does not matter whether it is invested at simple or compound interest.

Let the amount of money at each rate be $x$ $x$

$S I = \frac{P R T}{100}$ $SI = (PRT)/100$

$\frac{x \times 3 \times 1}{100} + \frac{x \times 5 \times 1}{100} = 1800$ $(x xx 3 xx 1)/100 + (x xx 5xx 1)/100 = 1800$

Multiply by 100 to cancel the denominators.

$\frac{100 \times x \times 3 \times 1}{100} + \frac{100 \times x \times 5 \times 1}{100} = 100 \times 1800$ $(color(blue)(100xx)x xx 3 xx 1)/100 + (color(blue)(100xx)x xx 5xx 1)/100 = color(blue)(100xx)1800$

$3 x + 5 x = 180, 000$ $3x +5x = 180,000$

#8x = 180,000)

$x = $ 22, 500$ $x =$22,500$

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Rico invests some of his savings at 3 percent per year & an equal amount at 5 percent per year. His income totals 1,800 a year. How much did Rico invest at each rate?

1 Answer

Explanation:

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