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# A total of $60,000 was invested for one year. Part of this  Question banks Downloads My Bookmarks Reviews Important topics Author Message TAGS: Manager Joined: 08 Oct 2005 Posts: 101 Followers: 1 Kudos [?]: 0 [0], given: 0 A total of$60,000 was invested for one year. Part of this [#permalink]  05 Aug 2006, 07:09
00:00

Difficulty:

45% (medium)

Question Stats:

49% (02:46) correct 50% (01:10) wrong based on 51 sessions
A total of $60,000 was invested for one year. Part 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 = \frac{3y}{4} (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. [Reveal] Spoiler: OA Math Expert Joined: 02 Sep 2009 Posts: 16878 Followers: 2776 Kudos [?]: 17634 [1] , given: 2233 Re: SI Problem [#permalink] 26 Aug 2010, 10:26 1 This post received KUDOS Expert's post udaymathapati wrote: 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.

Let the amount invested at x% be a, then the amount invested at y% would be 60,000-a.

Given: a\frac{x}{100}+(60,000-a)\frac{y}{100}=4,080 (we have 3 unknowns x, y, and a). Question: x=?

(1) x=\frac{3}{4}y --> y=\frac{4x}{3} --> a\frac{x}{100}+(60,000-a)\frac{4x}{3*100}=4,080 --> still 2 unknowns - x and a. Not sufficient.

(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 --> \frac{a}{60,000-a}=\frac{3}{2} --> a=36,000 --> 36,000*\frac{x}{100}+(60,000-36,000)\frac{y}{100}=4,080 --> still 2 unknowns - x and y. Not sufficient.

(1)+(2) From (1) a\frac{x}{100}+(60,000-a)\frac{4x}{3*100}=4,080 and from (2) a=36,000 --> only 1 unknown - x, hence we can solve for it. Sufficient.

_________________
Senior Manager
Joined: 14 Jul 2005
Posts: 405
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Kudos [?]: 3 [0], given: 0

D

From 1 => x/100 * 60,000 + 4x/3 * 100 * 60,000 = 4080

From 2 => 3a + 2a = 4080 => a = 816
Hence x/100 * 60,000 = 3 * 816

Hence you can solve for x using either equation
Manager
Joined: 20 Mar 2006
Posts: 201
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Kudos [?]: 1 [0], given: 0

Re: investment [#permalink]  05 Aug 2006, 10:31
ong wrote:
A total of $60,000 was invested for one year. Part 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 = 3y/4 (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. (1) gives relationship between x and y. we still dont know the number of months to get a numerical value for x Insuff BCE (2) gives the ratio of Interest from x/Interest from y. Cannot determine x from this. CE (1) & (2) No new information about the number of months E Heman Manager Joined: 20 Mar 2006 Posts: 201 Followers: 1 Kudos [?]: 1 [0], given: 0 [#permalink] 05 Aug 2006, 10:35 [quote="gmatornot"]D From 1 => x/100 * 60,000 + 4x/3 * 100 * 60,000 = 4080 (1) I thought SI formula was prinicpal * rate * number of months/100. How are you getting x/100 * 60000. (2) From the question stem i understand that part of the 60000 was invested @ x% and the rest @ y% ? Senior Manager Joined: 14 Jul 2005 Posts: 405 Followers: 1 Kudos [?]: 3 [0], given: 0 [#permalink] 05 Aug 2006, 14:40 heman wrote: gmatornot wrote: D From 1 => x/100 * 60,000 + 4x/3 * 100 * 60,000 = 4080 (1) I thought SI formula was prinicpal * rate * number of months/100. How are you getting x/100 * 60000. (2) From the question stem i understand that part of the 60000 was invested @ x% and the rest @ y% ? You are RIGHT. I completely misread the question. I believe the answer is E as you have identified... Senior Manager Joined: 22 May 2006 Posts: 379 Location: Rancho Palos Verdes Followers: 1 Kudos [?]: 9 [0], given: 0 Re: investment [#permalink] 05 Aug 2006, 15:30 ong wrote: A total of$60,000 was invested for one year. Part 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 = 3y/4
(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.

Let part of amount = A, then the other part = 60000-A
A*(x/100) + (60000-A)*(y/100) = 4080

S1. x=3y/4
A*(3y/400) + (60000-A)*(y/100) = 4080
We need value A to solve this. => insufficient.

S2.
A*(x/100) = (3/5)*4080 = 2448
(60000-A)*(y/100) = (2/5)*4080= 1632
We need value A to solve this. => insufficient.

Combine S1 and S2.
A*(3y/400) = 2448 => A=2448*400/3y=326400/y
(60000-A)*(y/100) = 1632
We have two variables with two eq. thus sufficient.

Hence, C..

(600-3264/y)*(y) = 1632
600y - 3264 = 1632
600y = 1632+3264
600y = 4896
y = 8.16 %
x=3y/4 = 8.16*3/4 = 6.12%
_________________

The only thing that matters is what you believe.

Senior Manager
Joined: 22 May 2006
Posts: 379
Location: Rancho Palos Verdes
Followers: 1

Kudos [?]: 9 [0], given: 0

Re: investment [#permalink]  05 Aug 2006, 15:33
heman wrote:
(1) & (2) No new information about the number of months

E

Heman

If the total interest earned by the $60,000 for that year was$4,080, what is the value of x
_________________

The only thing that matters is what you believe.

Manager
Joined: 20 Mar 2006
Posts: 201
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Kudos [?]: 1 [0], given: 0

Re: investment [#permalink]  05 Aug 2006, 15:48
freetheking wrote:
heman wrote:
(1) & (2) No new information about the number of months

E

Heman

If the total interest earned by the $60,000 for that year was$4,080, what is the value of x

I still dont get it. Wouldnt it be possible for amount A @ x% for n months + amount (60000 - A) @ y % for (12-n) months = 4080.

Then won't we have different value for x and y depending on the time period of investment within a year?

Or does the ? mean that each part invested @ x% and y% was for a year?

I had a similar solution to you except I had a variable for time period and so 2 eqns and 3 variables.

Heman
Senior Manager
Joined: 22 May 2006
Posts: 379
Location: Rancho Palos Verdes
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Kudos [?]: 9 [0], given: 0

Re: investment [#permalink]  05 Aug 2006, 15:52
ong wrote:
A total of $60,000 was invested for one year. Part 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? x and y are simple annual interest.. dealing with one year investment.. not monthly.. heman wrote: Or does the ? mean that each part invested @ x% and y% was for a year? Yes! Heman _________________ The only thing that matters is what you believe. Manager Joined: 01 Jan 2008 Posts: 227 Schools: Booth, Stern, Haas Followers: 1 Kudos [?]: 39 [0], given: 2 Re: interest and equations [#permalink] 19 Jan 2008, 09:01 marcodonzelli wrote: A total of$60,000 was invested for one year. Part 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.

I think it is C

First statement is not suff because we don't know which amount was exactly invested, second is not suff since we don't know the rates but combined we can solve it

II. 3/5*60000=36000
I. 36000*3/4y+24000*y=4,080
17/4y=4080/12000 => y=8% => x=8*3/4 =6%
Manager
Joined: 10 Aug 2009
Posts: 130
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Re: DS: Interests ratios [#permalink]  23 Aug 2009, 19:54
1)n1+ n2 = 60000
n1- amount invested at x%, n2 - amount invested at y%.
2) n1*x%+n2*y% = 4080
To solve this for x,
we need two things:
1) the ratio of n1 to n2 (given in the second statement)
2) the ration of x to y (given in the first statement)
So, both statements together are sufficient.
Senior Manager
Joined: 30 Aug 2009
Posts: 293
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Concentration: General Management
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Re: annual interest [#permalink]  29 Dec 2009, 07:31
kirankp wrote:
A total of $60,000 was invested for one year. Part 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 = 3y/4 (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. will go with C let "a" be the amount which gets Simple interest at rate of x%/yr. Then SI = ax/100 then "60000 -a " is the amount which gets Simple interest at rate of y%/yr. Then SI = (60000-a)y/100 so we have (ax)/100 + (60000-a)y/100 = 4080 from stmnt 1- we have x = 3y/4 . even after substituting value of x in above equation we will not be able to get the value of x. Insuff from stmnt 2 - we have (ax/100)/ (60000-a)y/100 =3/2. Again not suff taking together x = 3y/4 and (ax/100)/ (60000-a)y/100 =3/2 we will get the value of x. hence suff Director Status: GMAT Learner Joined: 14 Jul 2010 Posts: 655 Followers: 29 Kudos [?]: 152 [0], given: 32 Re: investment [#permalink] 13 May 2011, 12:40 Go at by bunnuel a good solution. _________________ I am student of everyone-baten Collections:- PSof OG solved by GC members: http://gmatclub.com/forum/collection-ps-with-solution-from-gmatclub-110005.html DS of OG solved by GC members: http://gmatclub.com/forum/collection-ds-with-solution-from-gmatclub-110004.html 100 GMAT PREP Quantitative collection http://gmatclub.com/forum/gmat-prep-problem-collections-114358.html Collections of work/rate problems with solutions http://gmatclub.com/forum/collections-of-work-rate-problem-with-solutions-118919.html Mixture problems in a file with best solutions: http://gmatclub.com/forum/mixture-problems-with-best-and-easy-solutions-all-together-124644.html Director Status: GMAT Learner Joined: 14 Jul 2010 Posts: 655 Followers: 29 Kudos [?]: 152 [0], given: 32 Re: SI Problem [#permalink] 13 May 2011, 12:47 good solution by bunnuel. _________________ I am student of everyone-baten Collections:- PSof OG solved by GC members: http://gmatclub.com/forum/collection-ps-with-solution-from-gmatclub-110005.html DS of OG solved by GC members: http://gmatclub.com/forum/collection-ds-with-solution-from-gmatclub-110004.html 100 GMAT PREP Quantitative collection http://gmatclub.com/forum/gmat-prep-problem-collections-114358.html Collections of work/rate problems with solutions http://gmatclub.com/forum/collections-of-work-rate-problem-with-solutions-118919.html Mixture problems in a file with best solutions: http://gmatclub.com/forum/mixture-problems-with-best-and-easy-solutions-all-together-124644.html SVP Joined: 16 Nov 2010 Posts: 1698 Location: United States (IN) Concentration: Strategy, Technology Followers: 28 Kudos [?]: 261 [0], given: 36 Re: SI Problem [#permalink] 13 May 2011, 18:50 a - x% interest (60000 - a) - y% interest ax/100 + (60000 - a)y/100 = 4080 (1) x = 3y/4 Not Sufficient (2) a/(60000 - a) = 3/2 No information about x and y, insufficient. (1) + (2) Sufficient Answer - C _________________ Formula of Life -> Achievement/Potential = k * Happiness (where k is a constant) VP Status: There is always something new !! Affiliations: PMI,QAI Global,eXampleCG Joined: 08 May 2009 Posts: 1368 Followers: 9 Kudos [?]: 115 [0], given: 10 Re: SI Problem [#permalink] 13 May 2011, 19:37 a tells nothing about P b tells nothing about relative information between x and y. a+b p can be calculated first. together with x and y information, x can be found out. C _________________ Visit -- http://www.sustainable-sphere.com/ Promote Green Business,Sustainable Living and Green Earth !! Director Joined: 01 Feb 2011 Posts: 774 Followers: 12 Kudos [?]: 75 [0], given: 42 Re: SI Problem [#permalink] 13 May 2011, 19:38 px/100 + (60-p)y/100 = 4080 1. Not sufficient we dont know anything about amount invested at x% 2. Not sufficient. not enough to find p or x or y. Together , its sufficient as we can find p,y and x Answer is C. Re: SI Problem [#permalink] 13 May 2011, 19:38 Similar topics Replies Last post Similar Topics: A total of$60,000 was invested for one year. Part of this 1 30 Nov 2005, 23:59
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