Formulate but do not solve the problem.

Michael Perez has a total of $1,500 on deposit with two savings institutions. One pays interest at the rate of 8%/year, whereas the other pays interest at the rate of 5%/year. If Michael earned a total of $96 in interest during a single year, how much does he have on deposit in each institution?

Question

Formulate but do not solve the problem.
​
Michael Perez has a total of $1,500 on deposit with two savings institutions. One pays interest at the rate of 8%/year, whereas the other pays interest at the rate of 5%/year. If Michael earned a total of $96 in interest during a single year, how much does he have on deposit in each institution?

Quizplus · Accepted Answer

The Answer of Formulate but do not solve the problem.
​
Michael Perez has a total of $1,500 on deposit with two savings institutions. One pays interest at the rate of 8%/year, whereas the other pays interest at the rate of 5%/year. If Michael earned a total of $96 in interest during a single year, how much does he have on deposit in each institution?

Formulate but Do Not Solve the Problem