Last year, Lisa deposited $7000 into an account that paid 11% interest per year and $1000 into an account that paid 5% interest per year No withdrawals were made from the accounts. What was the percent interest for the total deposited?

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Answer 1 · 2016-12-08T18:29:17

10.25%

In one year the deposit of $7000 would give simple interest of $7000 \cdot \frac{11}{100}$ $7000*11/100$ = $770

The deposit of $1000 would give simple interest of $1000 \cdot \frac{5}{100}$ $1000*5/100$ = $50

Thus the total interest on deposit of $8000 is #770+50= $820

Therefore percent interest on $8000 would be $820 \cdot \frac{100}{8000} = \frac{82}{8} %$ $820*100/8000= 82/8%$ = 10.25%