mike has a total of $2000 on deposit with two savings institutions . One pays interest at the rate of 6%/year and the other pays interest at the rate of 8%/year. if mike earned a total of $144 in interest during a single year, how much does he have on deposit in each institution?
2007-10-10 15:21:59 · 4 answers · asked by jewel7962002 1 in Science & Mathematics ➔ Mathematics
Deposit in one account = x
Deposit in other account = 2000 - x
Interest: .06 x + .08(2000 - x) = 144
2007-10-10 15:25:33 · answer #1 · answered by Raymond 7 · 0⤊ 0⤋
.06(x) + .08(2000-x) = 144
6x + 16000 -8x = 14400
-2x = -1600
x = 800 @ 6%
1200 @ 8%
2007-10-10 22:27:08 · answer #2 · answered by bz2hcy 3 · 0⤊ 0⤋
let x = account 1
let y = account 2
.06x+.08y=144
x+y=2000
i guess by formulate but dont solve you only want this
2007-10-10 22:34:11 · answer #3 · answered by Anonymous · 0⤊ 0⤋
let amounts in each bank be 2000 -x and x
.o6(2000-x)+.08x=144
solve
2007-10-10 22:29:08 · answer #4 · answered by john 4 · 0⤊ 0⤋