SOLUTION: sam invested $2000 at 5.24% annual interest and $3000 at 8.5% annual interest. What percent is he earning on total investment?

SOLUTION: sam invested $2000 at 5.24% annual interest and $3000 at 8.5% annual interest. What percent is he earning on total investment?

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Question 409855: sam invested $2000 at 5.24% annual interest and $3000 at 8.5% annual interest. What percent is he earning on total investment?
Answer by fractalier(6550) (Show Source): You can put this solution on YOUR website!
In a year, he earned $2000(.0524) = $104.80 plus $3000(.085) = $255, a total of
$359.80 on the $5000 invested. Just divide them...
$359.80 / $5000 = .07196 = 7.196%
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