If x is at 6%, then the rest y=(3000-x) is at 7%. So,
x+y = 3000
.06x + .07y = 194.00
Formulate a system of equations for the situation below and solve.
Michael Perez deposited a total of $3000 with two savings institutions. Bank A pays interest at the rate of 6%/year, whereas Bank B pays interest at the rate of 7%/year. If Michael earned a total of $194 in interest during a single year, how much did he deposit in each institution?
Bank A $
Bank B $
1 answer