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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