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?

1 Answer
Dec 8, 2016

Answer:

10.25%

Explanation:

In one year the deposit of $7000 would give simple interest of #7000*11/100#= $770

The deposit of $1000 would give simple interest of #1000*5/100#= $50

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

Therefore percent interest on $8000 would be #820*100/8000= 82/8%#= 10.25%