Scott invested a total of 5900 at two separate banks. one bank pays simple interest of 10% per year while the other pays simple interest at a rate of 6% per year. if scott earned $478 in interest during a single year, how much did he have on deposit in each bank?

Scott invested:

$3,100 at bank 1

$2,800 at bank 2

Step-by-step explanation:

Use formula

where

I = interest,

P = principal,

t = time,

r = rate (as decimal)

Let $x be the amount of money Scott invested at bank 1, then $(5,900-x) is his investment at bank 2

Bank 1:

Bank 2:

Total interest = $478, then

54

step-by-step explanation: