Civil Service Exam Reviewer · Simple Interest and Profit/Loss · hard
Liza deposited ₱49,000 in one bank at 4% and ₱41,000 in another at 12% simple interest. What is the average (overall) rate of return per year?
- 8%
- 16%
- 8.64%
- 7.64%
Answer
D. 7.64%
Solution
Total interest = ₱1,960 + ₱4,920 = ₱6,880 on ₱90,000 → 7.64%.
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