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Last year Luis invested x dollars for one year, half at 8 [#permalink]
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.