2 166 points TanFin10 21020 06 Submissions Used My Notes For

2. 1.66 points TanFin10 2.1.020. 0/6 Submissions Used My Notes Formulate but do not solve the problem. 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 $124 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.) 124 2000

Solution

Let h be the highest interest rate.

0.08h+0.05(2000+h)=124