Problema Solution
A person deposited a total of $1,000 in two banks. He deposited some in Comerica Bank and some in Chase Bank. He got interest totaling $33, This was the sum of his Comerica Bank interest, which was 4% (4 percent) of the amount of his deposit there, and his Chase Bank interest, which was 2% (2 percent) of the amount he deposited there. How much did he deposit in each bank?
Answer provided by our tutors
let
x = the money deposited in Comercia Bank
y = the money deposited in Chase Bank
A person deposited a total of $1,000 in two banks:
x + y = 1000
He got interest totaling $33, This was the sum of his Comerica Bank interest, which was 4% (4 percent) of the amount of his deposit there, and his Chase Bank interest, which was 2% (2 percent) of the amount he deposited there.
0.04x + 0.02y = 33
by solving the system of equations
x + y = 1000
0.04x + 0.02y = 33
we find
x = $650
y = $350
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$650 were deposited at Comerica Bank and $350 were deposited at Chase Bank.