(a) To find the investment firm's total profit, we need to calculate the profit for each company and then add them together.
For Company A:
Profit = Investment * Profit Percentage / 100
Profit = $20,000 * 16 / 100
Profit = $3,200
For Company B:
Profit = Investment * Profit Percentage / 100
Profit = $12,000 * 14 / 100
Profit = $1,680
Now, we can add the profits together:
Total Profit = Profit from Company A + Profit from Company B
Total Profit = $3,200 + $1,680
Total Profit = $4,880
Therefore, the investment firm's total profit is $4,880.
(b) To calculate the percent profit for their total investment, we need to divide the total profit by the total investment and then multiply by 100.
Total Investment = Investment in Company A + Investment in Company B
Total Investment = $20,000 + $12,000
Total Investment = $32,000
Percent Profit = (Total Profit / Total Investment) * 100
Percent Profit = ($4,880 / $32,000) * 100
Percent Profit = 15.25%
Therefore, the percent profit for the investment firm's total investment is 15.25%.
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