Asked by Anon
Michael Perez deposited a total of $4000 with two savings institutions. Bank A pays interest at the rate of 5%/year, whereas Bank B pays interest at the rate of 8%/year. If Michael earned a total of $308 in interest during a single year, how much did he deposit in each institution?
Answers
Answered by
Steve
more like Algebra 2, which I'm sure you recall.
If there is $x in bank A, then the rest $(4000-x) is in bank B.
So, now just add up the interest:
.05x + .08(4000-x) = 308
now just crank it out.
If there is $x in bank A, then the rest $(4000-x) is in bank B.
So, now just add up the interest:
.05x + .08(4000-x) = 308
now just crank it out.
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