A certain sum of money amounts to 1560$in 2 years and 2100$ : Quant Question Archive [LOCKED]
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# A certain sum of money amounts to 1560$in 2 years and 2100$

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Director
Joined: 07 Jun 2004
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A certain sum of money amounts to 1560$in 2 years and 2100$ [#permalink]

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20 Apr 2005, 16:34
This topic is locked. If you want to discuss this question please re-post it in the respective forum.

A certain sum of money amounts to 1560$in 2 years and 2100$ in 5 years find the APR if its calculated by simple interest for every year
VP
Joined: 25 Nov 2004
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20 Apr 2005, 17:17
not a gmat question.

X + 2rx = 1560......................i
X + 5rx =2100 .....................ii
Solve the equation
x=1200 and r is 15%

Last edited by MA on 20 Apr 2005, 17:24, edited 1 time in total.
Director
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20 Apr 2005, 17:22
MA wrote:
not a gmat question.

X + 2rx = 1560......................i
X + 5rx =2100 .....................ii
Solve the equation
x=1300 and r is 10%

That's good to Know MA because i have been scratching my head since i saw this question wondering how long is this going to take me?
VP
Joined: 25 Nov 2004
Posts: 1493
Followers: 7

Kudos [?]: 98 [0], given: 0

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20 Apr 2005, 17:25
Folaa3 wrote:
MA wrote:
not a gmat question.

X + 2rx = 1560......................i
X + 5rx =2100 .....................ii
Solve the equation
x=1300 and r is 10%

That's good to Know MA because i have been scratching my head since i saw this question wondering how long is this going to take me?

pls note that i have updated my previous posting.
Director
Joined: 07 Jun 2004
Posts: 612
Location: PA
Followers: 5

Kudos [?]: 707 [0], given: 22

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21 Apr 2005, 02:48

good job guys
Intern
Joined: 17 Mar 2005
Posts: 14
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21 Apr 2005, 17:24
answer is 15% same method as above.
21 Apr 2005, 17:24
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# A certain sum of money amounts to 1560$in 2 years and 2100$

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