Civil Service Exam Reviewer · Simple Interest and Profit/Loss · hard
Carlo deposited ₱34,000 in one bank at 4% and ₱72,000 in another at 9% simple interest. What is the average (overall) rate of return per year?
- 6.5%
- 7.4%
- 13%
- 8.4%
Answer
B. 7.4%
Solution
Total interest = ₱1,360 + ₱6,480 = ₱7,840 on ₱106,000 → 7.4%.
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