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AlgebraQ&A LibraryFormulate 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 bQuestion

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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