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John made total of $10,000 deposit into two accounts. The [#permalink]

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26 Nov 2005, 07:28

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11. John made total of $10,000 deposit into two accounts. The interest rate of one account is 10% per year, and the interest rate of the other account is 6% a year. What is the amount of money depositted into a account with 10% interest rate?

(1) The total interest of the two accounts is $600.
(2) The interest from the account with 10% interest rate is 1.8 times
as much as the interest from the account with 6% interest rate.
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Last edited by gamjatang on 01 Dec 2005, 00:57, edited 1 time in total.

11. John made total of $10,000 deposit into two accounts. The interest rate of one account is 10% per year, and the interest rate of the other account is 6% a year. What is the amount of money depositted into a account with 10% interest rate?

(1) The total interest of the two accounts is $600. (2) The interest from the account with 10% interest rate is 1.8 times as much as the interest from the account with 6% interest rate.

A is insufficient as we do not know for how many years he deposited money in two accounts.

gamjatang, please provide OA for your questions. thanks.

Duttsit// Exactly what I thought. I thought it should be E since we do not know how many years. However, the OA is D. I guess the OA is wrong.
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This is what I thought when I first read the question too but then I realized this question is talking about yearly interest.

I think the interpretation of this question is that you only calculate interest when the year was over, because it did not talked about monthly interest. In other words, when the interest is $600, you know it would be at least one year since you've got interest. However it won't be two years or more because you would get more interest than $600 no matter how you allocate your money. In other words the number of years is known.
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This is what I thought when I first read the question too but then I realized this question is talking about yearly interest.

I think the interpretation of this question is that you only calculate interest when the year was over, because it did not talked about monthly interest. In other words, when the interest is $600, you know it would be at least one year since you've got interest. However it won't be two years or more because you would get more interest than $600 no matter how you allocate your money. In other words the number of years is known.

Are you saying the ans for S1 will be 0 as 600 will be interest rate if whole 10,000 was deposited into 6% interest rate account?
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