SOLUTION: Last year, Trey deposited $2000 into an account that paid 2% interest per year and $3000 into an account that paid 6% interest per year. No withdrawals were made from the accounts.
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Question 954708: Last year, Trey deposited $2000 into an account that paid 2% interest per year and $3000 into an account that paid 6% interest per year. No withdrawals were made from the accounts.
Answer the questions below. Do not do any rounding.
(a) What was the total interest earned at the end of 1 year?
$________________
(b) What was the percent interest for the total deposited?
__________%
You can put this solution on YOUR website! (0.02)($2000)+(0.06)($3000)=$40+$180=$220
(a)ANSWER 1: Total interest earned was $220.
($220)/($5000)(100%)=4.4%
(b)ANSWER 2:The overall percent interest for the amount deposited was 4.4%.
