SOLUTION: Sam invested $2000 at 5 1/4% annual interest and $3000 at 8 1/2 annual interest. What percent interest is he earning on his total investment?

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Question 430422: Sam invested $2000 at 5 1/4% annual interest and $3000 at 8 1/2 annual interest. What percent interest is he earning on his total investment?
Answer by mananth(16946) About Me  (Show Source):
You can put this solution on YOUR website!
Investment I = $2,000.00 ------------- 5.75%
Investment II = $3,000.00 ------------- 8.50%
Total Investment= $5,000.00

Toatl interest on both investments=
5.75%*$2,000.00 +$3,000.00*8.50%
= $115.00 + $255.00
= $370.00
Total investment = $5,000.00
Interest = $370.00
percentage return=(100/$5,000.00)*$370.00
7.4 %