Question

last year, pablo deposited $12,000 into an account that paid 6% interest per year and $4000 into an account that paid 5% interest per year. no withdrawals were made from the accounts.
answer the questions below. do not do any rounding.
(a) what was the total interest earned at the end of 1 year?
$
(b) what was the percent interest for the total deposited?
%

Explanation:

Step1: Calculate interest from first account

Interest = Principal × Rate = $12000 \times 0.06 = 720$

Step2: Calculate interest from second account

Interest = Principal × Rate = $4000 \times 0.05 = 200$

Step3: Find total interest (part a)

Total Interest = $720 + 200 = 920$

Step4: Calculate total deposited amount

Total Deposit = $12000 + 4000 = 16000$

Step5: Find overall interest rate (part b)

Rate = $\frac{\text{Total Interest}}{\text{Total Deposit}} = \frac{920}{16000} = 0.0575$
Convert to percentage: $0.0575 \times 100 = 5.75$

Answer:

(a) $\$920$
(b) $5.75\%$