Nico is saving money for his college education. he invests some money at 7%, and $1200 less than that amount at 3%. the investments produced a total of $174 interest in 1 yr. how much did he invest at each rate? he invested $ 7% and at 3%.

Nico invest at 7% and at 3%

Step-by-step explanation:

we know that

The simple interest formula is equal to

where

I is the Final Interest Value

P is the Principal amount of money to be invested

r is the rate of interest  

t is Number of Time Periods

in this problem we have

At 7%

substitute in the formula above

At 3%

substitute in the formula above

The total interest is equal to

I=I1+I2

I=$174

substitute

therefore

Nico invest at 7% and at 3%

cheater

step-by-step explanation: