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A certain sum of money amounts to 1560$ in 2 years and 2100$

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Director
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A certain sum of money amounts to 1560$ in 2 years and 2100$ [#permalink] New post 20 Apr 2005, 16:34
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
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Re: SI problem solving [#permalink] New post 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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Re: SI problem solving [#permalink] New post 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
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Re: SI problem solving [#permalink] New post 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
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 [#permalink] New post 21 Apr 2005, 02:48
thats the correct answer

good job guys
Intern
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 [#permalink] New post 21 Apr 2005, 17:24
answer is 15% same method as above.
  [#permalink] 21 Apr 2005, 17:24
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