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The simple interest on a certain sum of money for 3 yrs is

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03 Mar 2004, 16:22
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The simple interest on a certain sum of money for 3 yrs is $225 and the compound interest on the same sum at the same rate for 2yrs is$153. What is the principal invested?

$1500 2250 3000 1875 Don't care, rather stare @ the hottie _________________ Pls include reasoning along with all answer posts. ****GMAT Loco**** Este examen me conduce jodiendo loco Director Joined: 03 Jul 2003 Posts: 652 Followers: 3 Kudos [?]: 91 [0], given: 0 Show Tags 03 Mar 2004, 16:32 Sunni, Another good question! Keep up buddy!! Ans: 1875 Steps will follow after a while! GMAT Club Legend Joined: 15 Dec 2003 Posts: 4302 Followers: 40 Kudos [?]: 429 [0], given: 0 Show Tags 03 Mar 2004, 19:30 Agree with answer We know that interest per year is 75$. When rates are compounded 2 years, the extra 3$interest over 75$ will give you the given interest rate.
3/75 = 1/25 = 4%
75 = X*4/100
Solve for X and answer is 1875\$
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Paul

03 Mar 2004, 19:30
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