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Unilorin Post-UTME Mathematics 2014 (Model questions) Question 34

Question 34

Linear and Simultaneous Equations

An investor invested ₦x in bank M at the rate of 6% simple interest per annum and ₦y in bank N at the rate of 8% simple interest per annum. If a total of ₦8,000,000.00 was invested in the two banks and the investor received a total of ₦2,320,000.00 as interest from the two banks after 4 years, calculate: The value of x nad y

  1. A.x = 2M, y = 6cm
  2. B.x = 3M, y = 5M
  3. C.x = 2M, y = 8M
  4. D.x = 5M, y = 5M
Show the answer and explanation

Answer: B (x = 3M, y = 5M)

Explanation

x + y = 8,000,000 and 0.24x + 0.32y = 2,320,000 give 0.08y = 400,000, so y = 5M and x = 3M.