Question

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

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 0.06*p*

Amount earned a...

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