Asked by SUBSTITUTION METHOD
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]
Answers
Answered by
drwls
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
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
Answered by
Hashim
X=120 Y=160
Y= 144-X
Y= 144-X
There are no AI answers yet. The ability to request AI answers is coming soon!
Submit Your Answer
We prioritize human answers over AI answers.
If you are human, and you can answer this question, please submit your answer.