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A total of $60,000 was invested for one year. But of this

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Director
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A total of $60,000 was invested for one year. But of this [#permalink] New post 06 Feb 2006, 21:28
A total of $60,000 was invested for one year. But of this amount earned simple annual interest at the rate of x percent per year, and the rest earned simple annual interest at the rate of y percent per year. If the total interest earned by the $60,000 for that year was $4,080, what is the value of x?

(1) x = (3/4) y
(2) The ratio of the amount that earned interest at the rate of x percent per year to the amount that earned interest at the rate of y percent per year was 3 to 2.
VP
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 [#permalink] New post 06 Feb 2006, 22:47
Is it C?

Let P the principle invested with rate x for a time t (fraction of 12 months)
then 60000-P will be invested with y for time 1-t

4080 = P* 1 * x/100 + (60000-P)*1*y/100 ---- (1)

1) x = 3/4y ----(2)
Don't know P cannot solve the eqn. INSUFF.

2) P*1*x/(60000-P)*1*y = 3/2 . ----(3)

Don't know x & y.

Combining

From (2)&(3), we can obtain P.
From (2), P & (1) we can solve for x.
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Senior Manager
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 [#permalink] New post 06 Feb 2006, 23:55
C.

By combining the stat 1 and 2 one can answer the question hence C.
  [#permalink] 06 Feb 2006, 23:55
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