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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

  • math -

    $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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