SOLUTION: $2000 total deposit with 2 savings accounts. One pays interest rate of 6%the other at rate of 8% if a total earned interest is $144 how much is each deposit
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Question 435031: $2000 total deposit with 2 savings accounts. One pays interest rate of 6%the other at rate of 8% if a total earned interest is $144 how much is each deposit
Answer by mananth(16946) (Show Source): You can put this solution on YOUR website!
Part I 6.00% per annum
Part II 8.00% per annum
x+y=2000 ------------------------1
6.00%x+ 8.00%y= $144.00
Multiply by 100
6x + 8 y = $14,400.00 --------2
Multiply (1) by -5
we get
-5x-5y= -10000.00
Add this to (2)
3y= $4,400.00
divide by 3
y=$1,466.67 investment at 8.00%
Balance $533.33 investment at 6.00%
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