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

question 96

Multiple Choice

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? ​

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Definitions:

Amusement

Activities, events, or experiences designed to entertain and provide enjoyment or laughter to participants or observers.

Labor-Saving Devices

Labor-saving devices are tools, machines, or equipment designed to reduce the amount of manual labor and time required to complete various tasks or chores.

Leisure Time

The period of time during which an individual is not working or fulfilling obligations, allowing for rest, recreation, or personal activities.

Urban Crime Rate

The number of recorded criminal acts per unit of population or a specific time period within an urban area.