Confused as to what will happen with multiple voltages

The value of Vo depends on the source resistance of the voltage source Vi. If we call this resistance R, then in the absence of a load:

Vo = ((5 * R) + (Vi * 2490))/(2490 + R)

So it all depends on the value of R. If the voltage source is an Arduino pin followed by a simple RC network to smooth out the PWM, then R is the resistor used in the RC network plus about 25 ohms.