Michael Perez has a total of $2000 on deposited with two savings institutions. One pays interest at the rate of 6%/year, whereas the other pays interest at the rate of 8%/year. If Michael earned a total of $144 in interest during a single year, how much has he deposited in each institution?
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Answer:
800,1200
Step-by-step explanation:
p1r1t/100 + p2r2t/100 = 144
1/100 [(x×6×1)+ (2000-x)×8×1]= 144
2x = 1600 => x = 800
he deposited $ 800 in first institution & 2000-800 = $1200 in 2nd institution.
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