Formulate but Do Not Solve the Problem

question 88

Multiple Choice

Formulate but do not solve the problem. Michael Perez has a total of $1,100 on deposit with two savings institutions. One pays interest at the rate of 7%/year, whereas the other pays interest at the rate of 8%/year. If Michael earned a total of $82 in interest during a single year, how much does he have on deposit in each institution? Let x be the amount of money in saving institution with interest at the rate of 7%/year.

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Definitions:

Accuracy

The degree to which a measured value or calculation approaches the true value, often considered in terms of error magnitude.

Metric Dimensioning

A system of measurement that uses the meter, liter, and gram as base units of length, volume, and weight, respectively.

Decimal Places

The number of digits to the right of the decimal point in a numerical value, indicating the precision of a measurement.

Limit Dimensioning

A dimensioning method where two limits of size are provided, giving the minimum and maximum allowable dimensions for manufacturing.