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

108 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)

Question: Convert the number 5.75 x10^4 into standard notation.

What is the number of different ways to arrange the letters of the word "Mathematics"?

Math question: What is the value of f(x)=-5 for any x?

New questions in Mathematics

1 + 1

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

given cos26=k find cos13

8x-(5-x)

A normally distributed population has a mean of 118 with a standard deviation of 18. What score separates the lowest 72% of the distribution from the rest of the scores?

two pails of different sizes contain 34.5 litres of water altogether When 0.68 litre of water is poured from the bigger pail into the smaller pail the amount of water in the bigger pail is 9 times that in the smaller pail. How much water was in the smaller pail at first?

math question a bookstore announces a promotion valid for the same purchase as follows: buy a book and get 10% off the total purchase! buy two books and get 20% off your total purchase! buy three or more books and get 30% off your total purchase! Marcelo wanted to buy three books that cost 20.00 each without discount but he decided to buy two books in one day and another purchase with the third book the next day. If he had bought the three books at once he would have saved the following amount.