Michael Perez has a total of $2,000 on deposite with two savings institutions. One pays interest at the rate of 6%/year, whereas the other pays interest at the rate of 8%/year. If Michael earned a total of $144 in interest during a single year, how much does he have on deposite in each institution?

Question

Michael Perez has a total of $2,000 on deposite with two savings institutions. One pays interest at the rate of 6%/year, whereas the other pays interest at the rate of 8%/year. If Michael earned a total of $144 in interest during a single year, how much does he have on deposite in each institution? ​

Quizplus · Accepted Answer

The Answer of Michael Perez has a total of $2,000 on deposite with two savings institutions. One pays interest at the rate of 6%/year, whereas the other pays interest at the rate of 8%/year. If Michael earned a total of $144 in interest during a single year, how much does he have on deposite in each institution? ​

Michael Perez Has a Total of $2,000 on Deposite with Two