SOLUTION: A man invests $2000 in a bank paying 5% simple interest per annum and $3000 in another bank paying 6% simple interest per annum. What rate percent does he recieve on the investment

Question 92013: A man invests $2000 in a bank paying 5% simple interest per annum and $3000 in another bank paying 6% simple interest per annum. What rate percent does he recieve on the investments altogether?

Found 2 solutions by mathispowerful, andkon:
Answer by mathispowerful(115) (Show Source): You can put this solution on YOUR website!

Rate equals interest divided by the principle in this case
Interest = 2000*5% + 3000*6% = $280
the principle is 2000 + 3000 = 5000
so rate R = 280/5000 = 0.056 = 5.6%
so the answer is 5.6%
Answer by andkon(15) (Show Source): You can put this solution on YOUR website!
5.6%

RELATED QUESTIONS
A man deposited $5000 in a bank paying 6% simple interest. How many years will it take to (answered by rfer)
a man deposited $5,000 in a bank paying 6% simple interest. how long will the money have... (answered by rfer)
A man saved 3000 in a bank p, whose interest rate was X% per annum and 2000 in another... (answered by Boreal,Theo)
A bank deposit paying simple interest at the rate of 8% per year grew to a sum of $1900... (answered by rfer)
Molly Pritchard invests $4000 in bonds paying 11 1/2% simple interest and $5000 in bank... (answered by checkley75)
Jolene invests her savings in two bank accounts, one paying 5 percent and the other... (answered by josmiceli)
I am having a problem setting this question up to solve Jolene invests her savings in (answered by Earlsdon)
A man invests his savings in two accounts, one paying 6 percent and the other paying 10... (answered by lwsshak3)
A man deposited P2,000 in a bank at a rate at 15% per annum from March 21, 1996 to... (answered by Theo)