1. DETAILS TANFIN12 2.1.024. Formulate but do not solve the problem. MY NOTES Michael Perez deposited a total of $2000 with two savings institutions. One pays interest at a rate of 5%/year, whereas the other pays interest at a rate of 7 %/year. If Michael earned a total of $116 in interest during a single year, how much did he deposit in each institution? (Let x and y denote the amount of money, in dollars, invested at 5% and 7%, respectively.) -116 -2000