Last year Luis invested x dollars for one year, half at 8 : DS Archive
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# Last year Luis invested x dollars for one year, half at 8

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Joined: 30 Mar 2007
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Last year Luis invested x dollars for one year, half at 8 [#permalink]

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20 May 2007, 01:38
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1. Last year Luis invested x dollars for one year, half at 8 percent simple annual interest and the other half at 12 percent simple annual interest. Now he wants to reinvest the x dollars for one year in the same two types of investments, but the lower rate has decreased. If the higher rate is unchanged, what fraction of the x dollars must he reinvest at the 12 percent rate so that the total interest earned from the x dollars will be the
same for both years ?

(1) The lower rate is now 6 percent.
(2) The total amount of interest earned from the two investments last year was \$3,000.

2. In year X a total of 355 billion dollars was spent for health care in the US. 30% of which was spent by private health insurance companies. Was the amount spent for health care by the deferal government's medicare program less than 60 billion dollars?
(1) In year X medicare spent more than 1/2, but less than 2/3, of the amount spent by the private health care insurance companies for health care.
(2) In year X medicare spent 50 billion dollars less for health care than the amount spent by private health care insurance companies.
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20 May 2007, 02:41
QUESTION1-

stmt1-
equation : 1.08*x/2 + 1.12*x/2 = 1.06*(x-x1) + 1.12*x1
it can be solved for x1/x
so SUFF

stmt2:
unless we know about the lower interest rate, we can't know about the x1/x
so INSUFF
20 May 2007, 02:41
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