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A man deposited N250,000 into two savings accounts, the first bank paid 7.5% interest and the second bank paid 4.25% interest annually. If he received N15,500 as the total interest at the end of the year. How much did he deposit into each account?

 Jun 27, 2018
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Let the amount deposited in the first Bank =M

The amount deposited in the second Bank =250,000 - M

 

0.075M + 0.0425[250,000 - M] =15,500

0.075M + 10,625 - 0.0425M =15,500

0.0325M =15,500 - 10,625

0.0325M = 4,875

M =150,000 - money deposited in first Bank account @ 7.5%

250,000 - 150,000 =100,000 - money deposited in the second Bank account @ 4.25%

 Jun 27, 2018

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