Formulate a system of equations for the situation below and solve. michael perez deposited a total of $2000 with two savings institutions. bank a pays interest at the rate of 6%/year, whereas bank b pays interest at the rate of 8%/year. if michael earned a total of $144 in interest during a single year, how much did he deposit in each institution? bank a $ bank b $

Amount deposited in Bank A = $800

Amount deposited in Bank B = $1200

In the question,

Total amount deposited by Michael Perez in the Banks A and B = $2000

Interest rate of Bank A = 6% / year

Interest rate of Bank B = 8% / year

Also,

Total Interest earned by both the banks in a year = $144

Now,

Let us say the amount deposited in Bank A is = x

and,

Amount deposited in Bank B = (2000 - x)

So,

Therefore,

Amount deposited in Bank A = $800

and,

Amount deposited in Bank B = $1200

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