Michael Perez deposited a total of $2000 with two savings institutions. One pays interest at a rate of 5%/year, whereas the other pays interest at a rate of 8%/year. If Michael earned a total of $118 in interest during a single year, how much did he deposit in each institution? (Let x and y denote the amount of money, in dollars, invested at 5% and 8%, respectively.)

Michael Perez deposited a total of $2000 with two savings institutions. One pays interest at a rate of 5%/year, whereas the other pays interest at a rate of 8%/year. If Michael earned a total of $118 in interest during a single year, how much did he deposit in each institution? (Let x and y denote the amount of money, in dollars, invested at 5% and 8%, respectively.)

Corporate Fin Focused Approach

5th Edition

ISBN:9781285660516

Author:EHRHARDT

Publisher:EHRHARDT

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 28P

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