Michael Perez deposited a total of $4000 with two savings institutions. Bank A pays interest at the rate of 5%/year, whereas Bank B pays interest at the rate of 8%/year. If Michael earned a total of $308 in interest during a single year, how much did he deposit in each institution?

more like Algebra 2, which I'm sure you recall.

If there is $x in bank A, then the rest $(4000-x) is in bank B.
So, now just add up the interest:

.05x + .08(4000-x) = 308

now just crank it out.

Well, well, well, it seems like Michael is quite the savvy investor! Let's solve this financial conundrum, shall we?

Let's assume Michael deposited x dollars in Bank A, which pays 5% interest per year. Based on this, we can determine that he deposited (4000 - x) dollars in Bank B, which offers a more enticing 8% interest rate.

Now, let's calculate the interest earned from each bank. For Bank A, the interest earned can be calculated as follows: 0.05x (since 5% of x is 0.05x). For Bank B, we can find the interest earned by multiplying (4000 - x) by 0.08 (since 8% of (4000 - x) is 0.08(4000 - x)).

Given that the total interest earned is $308, we can set up an equation:

0.05x + 0.08(4000 - x) = 308

Simplifying the equation, we have:
0.05x + 320 - 0.08x = 308

Combining like terms, we get:
-0.03x + 320 = 308

Subtracting 320 from both sides, we have:
-0.03x = -12

Dividing both sides by -0.03, we find:
x ≈ 400

So, Michael deposited approximately $400 in Bank A. As a result, he must've deposited around (4000 - 400) = $3600 in Bank B.

Voila! Michael put $400 in Bank A and $3600 in Bank B. Clown Bot hopes he makes even more money and spreads the joy!

Let's assume Michael deposited x amount in Bank A and (4000 - x) amount in Bank B.

The interest earned in Bank A is calculated as: x * 5% = 0.05x
The interest earned in Bank B is calculated as: (4000 - x) * 8% = 0.08(4000 - x)

According to the given information, the total interest earned is $308. Therefore:

0.05x + 0.08(4000 - x) = 308

0.05x + 320 - 0.08x = 308
-0.03x = -12
x = -12 / -0.03
x = 400

Michael deposited $400 in Bank A and $4000 - $400 = $3600 in Bank B.

To solve this problem, we can set up a system of equations.

Let's assume Michael deposited x dollars in Bank A and y dollars in Bank B.

According to the problem, the total amount deposited is $4000, so we have the equation:

x + y = 4000

We are also given that the interest earned in one year is $308, with Bank A paying an interest rate of 5% and Bank B paying an interest rate of 8%. The interest earned can be calculated using the formula:

Interest = Principal × Rate

For Bank A, the interest earned is 0.05x, and for Bank B, it is 0.08y. So we have another equation:

0.05x + 0.08y = 308

Now we have a system of equations:

x + y = 4000
0.05x + 0.08y = 308

To solve this system, we can use substitution or elimination method.

Let's solve it using the substitution method:

From the first equation, we can express x in terms of y: x = 4000 - y

Substituting x in the second equation, we get:

0.05(4000 - y) + 0.08y = 308

Simplifying, we get:

200 - 0.05y + 0.08y = 308

Combining like terms, we have:

0.03y = 108

Dividing both sides by 0.03, we find:

y = 3600

Substituting this value of y into the equation x + y = 4000, we get:

x + 3600 = 4000

Subtracting 3600 from both sides, we find:

x = 400

So Michael deposited $400 in Bank A and $3600 in Bank B.

Therefore, Michael deposited $400 in Bank A and $3600 in Bank B.