Consumer mathematics : Savings and Investments

Question

Alex deposited a sum of RM10 000 into two different banks which are RMx into CEMB Bank and RMy into MoiBank. CEMB Bank gives a simple interest of 4% per annum and MoiBank gives a simple interest of 3.2% per annum. After one year, the total interest earned by Alex from these two banks is RM364.80.

Calculate the values of x and y.

Answer 1

.04x + .032y = 364.8

.04x + ,032(10,000-x) = 364.8

.04x -.032x + 320 = 364.8

.008x = 364.8 -320 = 44.8

x = 44.8/.008 = 5,562.50

y = 10,000-x = 4,437.50