Civil Service Exam Reviewer · Simple Interest and Profit/Loss · hard
Ivan deposited ₱55,000 in one bank at 5% and ₱72,000 in another at 9% simple interest. What is the average (overall) rate of return per year?
- 7%
- 14%
- 7.27%
- 8.27%
Answer
C. 7.27%
Solution
Total interest = ₱2,750 + ₱6,480 = ₱9,230 on ₱127,000 → 7.27%.
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