Kim has $2,200 invested at 7% interest and $3,200 at 3% interest. Set up a quantity-rate table. Find the average rate (interest rate) for the table by dividing the sum of the Q $\text { . }$ R column by the sum of the quantity column. Round answer to nearest tenth of a percent.

Question

Quizplus · Accepted Answer

The total interest earned is $154 (from $2,200 at 7%) + $96 (from $3,200 at 3%) = $250. The total investment is $2,200 + $3,200 = $5,400. The average rate is $250 / $5,400 = 0.0463, or 4.6% when rounded to the nearest tenth.

Kim Has $2,200 Invested at 7% Interest and $3,200 at 3