Formulate a system of equations for the situation below and solve.Michael Perez deposited a total of $4000 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 $266 in interest during a single year, how much did he deposit in each institution?bank a bank b

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Asked Sep 10, 2019
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Formulate a system of equations for the situation below and solve.

Michael Perez deposited a total of $4000 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 $266 in interest during a single year, how much did he deposit in each institution?

bank a 

bank b 

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Expert Answer

Step 1

Consider the amount interest at 6% as p and the amount interest at 7% as q.

So the total amount invested is p + q = 4000.

Amount earned at 6% interest is 0.06p

Amount earned a...

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(1) (2) p q 4000 0.06p 0.07q 266

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