SOLUTION: Can you help me with this? An individual has a total of $1000 in 2 banks. The first bank pays 8% interest per year, the second bank pays 10%. If the person receives $86 in inter

Question 15905: Can you help me with this?
An individual has a total of $1000 in 2 banks. The first bank pays 8% interest per year, the second bank pays 10%. If the person receives $86 in interest in the first year, how much money must have been deposited in each bank?
Thank you for you help!
Answer by Earlsdon(6294) (Show Source): You can put this solution on YOUR website!
You need to set up your equation from the problem description as follows:
$x at 8% + $(1000-x) at 10% = $86 Now you solve for x, the amount in the first bank. First change the percents to their decimal equivalents. 8% = 0.08, 10% = 0.1 Now write the algebraic equation.
Simplify and solve for x.

Subtract 100 from both sides.
Divide both sides by -0.02

Answer:
$700.00 was deposited in the first bank at 8% interest per annum.
$300.00 was deposited in the second bank at 10% interest per annum.
Check:
0.08($700.00) + 0.1($300.00) = $56.00 + $30.00 = $86.00
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