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Michael has a total of $2000 on deposit with two saving institutions. One pays interest at the rate of 6% per year whereas the other pays interest at a rate of 8% per year. If Michael earned a total of $144 in interest during a single year, how much did he deposit in each institution? [Use the substitution method to solve]

  • math -

    Let the amount earning 6% be X and the amount earning 8% be Y. You have to solve these two equations in two unknowns.

    X + Y = 2000
    0.06 X + 0.08 Y = 144

    Substitute 2000 -X for Y in the second equation and solve the resulting equation for X.

    0.06X + 0.08(2000 - X) = 144
    160 -144 = 0.02 X
    X = $800
    Y = 2000 - X = $1200

  • mathematics for managers -

    X=120 Y=160
    Y= 144-X

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