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A sum of money invested for a certain number of years at 8%

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VP
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Joined: 30 Sep 2004
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A sum of money invested for a certain number of years at 8% [#permalink] New post 11 May 2005, 12:32
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A sum of money invested for a certain number of years at 8% p.a. simple interest grows to $180. The same sum of money invested for the same number of years at 4% p.a. simple interest grows to $120 only. For how many years was the sum invested?

(1) 25 years
(2) 40 years
(3) 33 years and 4 months
(4) Cannot be determined
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Senior Manager
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Re: PS - another interest problem [#permalink] New post 11 May 2005, 14:34
Guys, what am I doing wrong here?

P + I1 = 180
P + I2 = 120
I1 - I2 = 60.
60 = Px8xT/100 - Px4xT/100 = Px4xT/100
PxT = 1500.
Also P < 120.

This means P=100, T=15 should be valid. R = 4 means I = 60 and total = 160 which is wrong.

However for P=60, T = 25 yrs.
@ R = 4, I = 60, and @R = 8, I = 120, it holds good.

Thus the answer is T = 25, but why equation(s)
PT = 1500 and P < 120 dont give correct solutions (leave alone unique ones). Any clue?
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[#permalink] New post 11 May 2005, 14:48
18o=X+0.08XY
120=X+0.04XY
combined two of equation=>X=60, Y=25
THE Y WHICH IS THE ANSWER. :lol:
A   [#permalink] 11 May 2005, 14:48
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A sum of money invested for a certain number of years at 8%

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