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# An investment of d dollars at k percent simple annual

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Joined: 15 Aug 2005
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An investment of d dollars at k percent simple annual [#permalink]  20 Apr 2007, 19:05
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An investment of d dollars at k percent simple annual interest yields $600 over a 2 year period. In terms of d, what dollar amount invested at the same rate will yield 2,400 interest over a 3 year period? a. 2d/4 b. 3d/4 c. 4d/3 d. 3d/2 e. 8d/3 how do you set up the equation? I can solve by plugging in numbers but am curious to see the actual work. tia. Manager Joined: 11 Nov 2006 Posts: 144 Followers: 1 Kudos [?]: 1 [0], given: 0 [#permalink] 20 Apr 2007, 20:42 (E) Interest earned in 2 years ($600):
Interest = Principal * rate * period
600 = d * r * 2
--> r = 300/d

Interest earned in 3 years (\$2400) at the same interest rate (r=300/d):
Interest = Principal * rate * period
2400 = P * (300/d) * 3
--> P = (8d/3)
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hi

k = intrest = k/100

d = old amount

n = new amount

2(d*k/100) = 600

d*k/100 = 300

k/100 = 300/d (constent)

3(n*300/d) = 2400

n*300/d = 800

n = 800d/300

n = 8d/3

the answer is (e) - but as you pointed out - plugging in will be much more faster considering k is constant.
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