MathMaster logo

MathMaster

  1. Home
  2. general
  3. 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 resp
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

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)
What is the probability of selecting a red marble from a bag containing 5 red and 7 blue marbles?
+
Find the cubic equation with roots -2, 1, and 3, and express it in the form y = ax^3 + bx^2 + cx + d. (
+
What is the surface area of a cylinder with a radius of 5 units and height of 12 units?
+
New questions in Mathematics
A particular employee arrives at work sometime between 8:00 a.m. and 8:40 a.m. Based on past experience the company has determined that the employee is equally likely to arrive at any time between 8:00 a.m. and 8:40 a.m. Find the probability that the employee will arrive between 8:05 a.m. and 8:30 a.m. Round your answer to four decimal places, if necessary.
431414-1*(11111-1)-4*(5*3)
Jose bought 3/4 of oil and his sister bought 6/8, which of the two bought more oil?
Kayla has $8,836.00 in her savings account. The bank gives Kayla 5%of the amount of money in account as a customer bonus. What amount of money does the bank give Kayla? Justify your answer on a 6th grade level.
Additionally, the boss asked Armando to determine how many toy sales branches he would have in the fifteenth year, knowing that the first year they started with two branches, by the second they already had 5 branches and, by the third year, they had 8 branches. From the above, determine the number of branches it will have for the fifteenth year.
9b^2-6b-5
(24, -7) is on the terminal arm of an angle in standard position. Determine the exact values of the primary trigonometric functions.
form a key for your lock containing the numbers 2 2 5 8 How many different keys can you form?
With the aim of identifying the presence of the feline leukemia virus (FeLV), blood samples were collected from cats sent to a private veterinary clinic in the city of Belo Horizonte. Among the animals treated, it was possible to observe that age followed a Normal distribution with a mean of 4.44 years and a standard deviation of 1.09 years. Considering this information, determine the value of the third quartile of the ages of the animals treated at this veterinary clinic. ATTENTION: Provide the answer to exactly FOUR decimal places
A recurring sequence is one where elements repeat after completing one standard. If the sequence AB8C14D96AB8C1... is recurring its twentieth term is equal to: (A) B. (B) 8. (C) A. (D) 6. (E) D.
I. Order to add 40.25+1.31+.45 what is the first action to do ?
How much does the average college student spend on food per month? A random sample of 50 college students showed a sample mean $670 with a standard deviation $80. Obtain the 95% confidence interval for the amount college students spend on food per month.
A researcher is interested in voting preferences on change of the governing constitution in a certain country controlled by two main parties A and B. A questionnaire was developed and sent to a random sample of voters. The cross tabs are as follows Favour Neutral Oppose Membership: Party A 70 90 85 Party B 50 50 155 Test at α = 0.05 whether party membership and voting preference are associated and state the conditions required for chi-square test results to be valid.
Quadratic equation 2X = 15/X + 7
Twenty‐five students in a class take a test for which the average grade is 75. Then a twenty‐sixth student enters the class, takes the same test, and scores 70. The test average grade calculated with 26 students will
In an orchard there are 360 trees and they are distributed in 9 rows with the same number of trees in each row. 2 are rows of orange trees, 4 of apple trees and the rest are of pear trees. What fraction of the trees in the orchard are of each type of fruit tree? How many trees of each type are there?
1. A jeweler has two gold bars, with 80% purity and the other with 95% purity. How much of each must be melted to obtain a 5 kilo ingot with 86% purity?
A psychologist is investigating the levels of test anxiety in various university courses. Anxiety is measured on a scale ranging from 0 to 100, where 0 indicates the complete absence of anxiety and 100 represents an extreme level of anxiety. From the data obtained, it has been discovered that the psychology score is triple that of nursing, and in turn, the latter has a score 10 points lower than the nutrition major. Furthermore, the score in the veterinary degree is 15 points higher than that of nutrition. Finally, if we add the scores of all the races, we will obtain a total of 173 points. Pose the equation that represents the situation described in the previous problem and determine: What is the score that psychology obtained regarding its anxiety level before the exams?
2+2020202
write in set builder notation { 1,3,9,27,81,243,...}

You might be interested in