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
111 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 eccentricity of an ellipse with major axis length 10 and minor axis length 8?
+
What are the signs of equality of triangles?
+
What is the speed in meters per second if a car travels a distance of 500 meters in 25 seconds?
+
New questions in Mathematics
Find 2 numbers that the sum of 1/3 of the first plus 1/5 of the second will be equal to 13 and that if you multiply the first by 5 and the second by 7 you get 247 as the sum of the two products with replacement solution
What is the coefficient of elasticity of the material that must be placed on the heel of the 10 cm high clog, with a base area of 2 cm² so that it deforms only 2 cm when the force on it will be a maximum of 600 N.
Let X be a discrete random variable with range {1, 3, 5} and whose probability function is f(x) = P(X = x). If it is known that P(X = 1) = 0.1 and P(X = 3) = 0.3. What is the value of P(X = 5)?
Karina has a plot of 5000 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 to grow lettuce?
4.2x10^_6 convert to standard notation
If f(x) = 3x 2, what is the value of x so that f(x) = 11?
Suppose 56% of politicians are lawyers if a random sample of size 873 is selected, what is the probability that the proportion of politicians who are lawyers will be less than 55% round your answer to four decimal places
Analyze the following situation Juan is starting a new business, he indicates that the price of his product corresponds to p=6000−4x , where x represent the number of tons produced and sold and p It is given in dollars. According to the previous information, what is the maximum income that Juan can obtain with his new product?
The actual length of an object is 1.3 m . If the blueprint uses a scale of 1 : 12 , what is the length of the line on the drawing?
4x/2+5x-3/6=7/8-1/4-x
The price per night of a suite at the Baglioni Hotel in Venice is 1896 euros, VAT included. The VAT in Italy is 25%. The hotel gets a return of 10% out of the price VAT included. a) What is the amount of VAT paid by the hotel for one
What is 75 percent less than 60
factor the polynomial completely over the set of complex numbers b(x)=x^4-2x^3-17x^2+4x+30
Determine the kinetic energy of a baseball whose mass is 100 grams and has a speed of 30 m/s.
Solve for B write your answer as a fraction or as a whole number. B-1/7=4
How do you convert a fraction to a decimal
Salut👋🏻 Appuie sur "Créer une nouvelle tâche" pour envoyer ton problème de mathématiques. Un de nos experts commencera à travailler dessus immédiatement !
A membership to the gym cost $25 per person in 1995. The membership cost has increased by an average $6 per person for each year since 1995. Write a linear equation for the cost of a gym membership for one person since 1995. What is the cost of a gym membership in 2009?
For how long does the principal amount of €7,537 bring the same interest as the principal amount of €12,345 invested for 8 months? Interest calculation is simple and decursive.
Sally’s sales for last Sunday were $1,278. That was an increase of 6.5% over her sales for the previous Saturday. What were her sales for the previous Saturday?