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An investment of y dollars at p percent simple interest yiel

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An investment of y dollars at p percent simple interest yiel [#permalink] New post 05 Feb 2013, 15:54
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Difficulty:

  25% (medium)

Question Stats:

77% (02:20) correct 23% (02:16) wrong based on 70 sessions
An investment of y dollars at p percent simple interest yields $600 interest over a 3-year period. In terms of y, what dollar amount invested at the same rate will yield the same amount of interest over a 2-year period?

(A) \frac{2}{3}y

(B) \frac{3}{4}y

(C) \frac{3}{2}y

(D) 2y

(E) 3y

Source: Gmat Hacks 1800
[Reveal] Spoiler: OA

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Re: An investment of y dollars at p percent simple interest [#permalink] New post 05 Feb 2013, 20:59
Expert's post
megafan wrote:
An investment of y dollars at p percent simple interest yields $600 interest over a 3-year period. In terms of y, what dollar amount invested at the same rate will yield the same amount of interest over a 2-year period?

(A) \frac{2}{3}y

(B) \frac{3}{4}y

(C) \frac{3}{2}y

(D) 2y

(E) 3y

Source: Gmat Hacks 1800


Let's start by assigning suitable values to some variables so that we can easily calculate the answer.

$600 simple interest earned in 3 yrs means $200 earned every year. So if dollar amount y = 1000, rate of interest p = 20%

We need $600 in 2 yrs i.e. $300 every year at 20% rate.

300 = 20% of Amount invested
Amount invested = $1500 i.e. (3/2)y
Answer (C)
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Re: An investment of y dollars at p percent simple interest yiel [#permalink] New post 05 Feb 2013, 23:51
Expert's post
megafan wrote:
An investment of y dollars at p percent simple interest yields $600 interest over a 3-year period. In terms of y, what dollar amount invested at the same rate will yield the same amount of interest over a 2-year period?

(A) \frac{2}{3}y

(B) \frac{3}{4}y

(C) \frac{3}{2}y

(D) 2y

(E) 3y

Source: Gmat Hacks 1800


Another copied question from GMAT Hacks.

Original question from GMAT Prep:
Quote:
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 $2,4000 over a 3 year period?

A. (2d)/3
B. (3d)/4
C. (4d)/3
D. (3d)/2
E. (8d)/3


Discussed here: an-investment-of-d-dollars-at-k-percent-simple-annual-106083.html
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Re: An investment of y dollars at p percent simple interest yiel   [#permalink] 05 Feb 2013, 23:51
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