Question!! *Victory saved 3,000 in first bank and 2,000 Naira in union bank PSC with interest rate of X% and Y% per annual respectively his total interest in one year is #640. If she has saved 2,000 naira with first bank and 3,000 naira in union bank for same period she would have made extra 20# as additional interest, then find the value of X and Y

Name: Solved: *Question!!* *Victory saved 3,000 in first bank and 2,000 Naira in union bank PSC with interest rate of X% and Y% per annual respectively his total interest in one year is #640. If she has saved 2,000 naira with first bank and 3,000 naira in union bank for same period she would have made extra 20# as additional interest, then find the value of X and Y - MathMaster
Brand: MathMaster
Rating: 4.9 (229 reviews)

229

likes

1145 views

Answer to a math question Question!! *Victory saved 3,000 in first bank and 2,000 Naira in union bank PSC with interest rate of X% and Y% per annual respectively his total interest in one year is #640. If she has saved 2,000 naira with first bank and 3,000 naira in union bank for same period she would have made extra 20# as additional interest, then find the value of X and Y

$Expert avatar$

Brice

4.8

113 Answers

Let's set up an equation to solve for the interest rates. Let X% be the interest rate for the first bank and Y% be the interest rate for the Union bank. According to the information given, Victory earned a total interest of #640 in one year with the initial savings of 3,000 Naira in the first bank and 2,000 Naira in the Union bank. This can be expressed as: (3000 * X/100) + (2000 * Y/100) = 640 Additionally, if Victory had saved 2,000 Naira in the first bank and 3,000 Naira in the Union bank for the same period, she would have earned an extra 20 Naira as additional interest. This can be expressed as: (2000 * X/100) + (3000 * Y/100) = 640 + 20 Simplifying the equations, we have: 30X + 20Y = 640 (Equation 1) 20X + 30Y = 660 (Equation 2) To solve this system of equations, we can use the elimination method or substitution method. Let's use the elimination method: Multiplying Equation 1 by 3 and Equation 2 by 2, we have: 90X + 60Y = 1920 (Equation 3) 40X + 60Y = 1320 (Equation 4) Subtracting Equation 4 from Equation 3, we get: 90X - 40X = 1920 - 1320 50X = 600 X = 12 Substituting the value of X into Equation 1, we can solve for Y: 30(12) + 20Y = 640 360 + 20Y = 640 20Y = 280 Y = 14 Therefore, the value of X is 12% and the value of Y is 14%.

Frequently asked questions (FAQs)

Find the dot product of vectors u = (2,3,-1) and v = (-4,1,5).

What are the period, vertical asymptotes, and range of the function f(x) = cot(x)?

Find the resultant vector of u = 3i - 4j and v = 5i + 2j.

New questions in Mathematics

Solution to the equation y'' - y' - 6y = 0

Karina has a plot of 5,000 square meters in which she has decided that 60% of it will be used to plant vegetables. Of this part, 12% will be dedicated to planting lettuce. How much surface area of the plot will be used for cultivation?

What is the amount of interest of 75,000 at 3.45% per year, at the end of 12 years and 6 months?

Revenue Maximization: A company sells products at a price of $50 per unit. The demand function is p = 100 - q, where p is the price and q is the quantity sold. How many units should they sell to maximize revenue?

A book is between 400 and 450 pages. If we count them 2 at a time there is none left over, if we count them 5 at a time there is none left over and if we count them 7 at a time there are none left over, how many pages does the book have?

Consider the relation R defined on the set of positive integers as (x,y) ∈ R if x divides y. Choose all the true statements. R is reflexive. R is symmetric. R is antisymmetric. R is transitive. R is a partial order. R is a total order. R is an equivalence relation.

what is the annual rate on $525 at 0.046% per day for 3 months?