SOLUTION: Suppose that you deposit P3000 at 7.5% (simple interest) and P5000 at 3.2% (simple interest). What will be the combined interest rate of the two investments?

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Question 352535: Suppose that you deposit P3000 at 7.5% (simple interest) and P5000 at 3.2% (simple interest). What will be the combined interest rate of the two investments?
Answer by Fombitz(32388) About Me  (Show Source):
You can put this solution on YOUR website!
I=Prt
Let t=1+ year.
I%5B1%5D=3000%280.075%29=225
I%5B2%5D=5000%280.0032%29=160
I%5B1%5D%2BI%5B2%5D=225%2B160=385
r=I%2FP=385%2F%283000%2B5000%29=0.048125
The combined interest rate is 4.8125%.