Essay
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?
Correct Answer:
Verified
Correct Answer:
Verified
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