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# Exactly one year ago, Ray put his money into a

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Manager
Joined: 02 Nov 2009
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Exactly one year ago, Ray put his money into a [#permalink]  11 Sep 2012, 21:48
00:00

Difficulty:

35% (medium)

Question Stats:

56% (01:56) correct 44% (01:03) wrong based on 45 sessions
Exactly one year ago, Ray put his money into a savings account that yields 0.8% simple interest. If he has earned a profit of $28, how much did he originally deposit? 3500 I am not able to understand the strcuure or logic can you please advice Bunuel pleas help [Reveal] Spoiler: OA Math Expert Joined: 02 Sep 2009 Posts: 31304 Followers: 5364 Kudos [?]: 62529 [0], given: 9457 Re: Exactly one year ago, Ray put his money into a [#permalink] 11 Sep 2012, 23:58 Expert's post venmic wrote: Exactly one year ago, Ray put his money into a savings account that yields 0.8% simple interest. If he has earned a profit of$28, how much did he originally deposit?

3500

I am not able to understand the strcuure or logic can you please advice

Bunuel pleas help

$$x*\frac{0.8}{100}=28$$ --> $$x=3,500$$.
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Re: Exactly one year ago, Ray put his money into a [#permalink]  12 Sep 2012, 00:09
venmic wrote:
Exactly one year ago, Ray put his money into a savings account that yields 0.8% simple interest. If he has earned a profit of $28, how much did he originally deposit? 3500 I am not able to understand the strcuure or logic can you please advice Bunuel pleas help Just divie 28*100/0.8 this will give you 3500. Simple Interest = P*R*T/100 over here P is unknown T is 1 year Simple Interest is 28. Manager Joined: 24 Jul 2011 Posts: 76 Location: India Concentration: Strategy, General Management GMAT 1: 670 Q49 V33 WE: Asset Management (Manufacturing) Followers: 3 Kudos [?]: 103 [0], given: 5 Re: Exactly one year ago, Ray put his money into a [#permalink] 12 Sep 2012, 09:06 venmic wrote: Exactly one year ago, Ray put his money into a savings account that yields 0.8% simple interest. If he has earned a profit of$28, how much did he originally deposit?

3500

I am not able to understand the strcuure or logic can you please advice

Bunuel pleas help

There is problem in the question statement. Normally we call this earning "Interest", not "Profit". If you consider 'interest' then the question becomes logical.
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Re: Exactly one year ago, Ray put his money into a   [#permalink] 12 Sep 2012, 09:06
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