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February 28, 2015

February 28, 2015

Posted by **Sam** on Monday, March 7, 2011 at 9:29pm.

Michael Perez has a total of $1802 on deposit with two savings institutions. One (x) pays interest at a rate of 6% per year, whereas the other (y) pays interest at a rate of 8% per year. If Michael earned a total of $117 in interest during a single year, how much does he have on deposit in each institution?

= 117

= 1802

- math -
**Henry**, Thursday, March 10, 2011 at 11:26am$X in acc. 1.

$Y in acc. 2.

Eq1: 0.06X + 0.08Y = 117.

Eq2: X + Y = 1802.

Multiply Eq1 by 100 and Eq2 by -6 and get:

6X + 8Y = 11700

-6X - 6Y = -10812

Add the Eqs:

2Y = 888

Y = $444 in acc. 2.

X + 444 = 1802

X = 1802 - 444 = $1358 in acc. 1.

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