Formulate a system of equations for the situation

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Formulate a system of equations for the situation below and solve.

A) Michael Perez deposited a total of $3000 with two savings institutions. Bank A pays interest at the rate of 5%/year, whereas Bank B pays interest at the rate of 7%/year. If Michael earned a total of $194 in interest during a single year, how much did he deposit in each institution?

Bank A   ___ $ 

Bank B   ___ $ 

B) Kelly Fisher invested a total of $20,000 invested in two municipal bonds that have yields of 8% (bond A) and 9% (bond B) interest per year, respectively. If the interest Kelly receives from the bonds in a year is $1720, how much did she invest in each bond?

bond A   ____ $ 

bond B   ____ $

Reference no: EM131720786

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