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

Formulate but do not solve the problem.

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

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