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?
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%
