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nafuzzz
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A certain sum of money was invested in two different schemes, A and B 06 Sep 2024, 09:44
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Difficulty:

95% (hard)

Question Stats:

36% (02:39) correct 64% (03:01) wrong based on 33 sessions

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­A certain sum of money was invested in two different schemes, A and B, in the ratio of 4:5, respectively. Scheme A offers an annual interest rate of 6% compounded annually, while Scheme B offers an annual interest rate of 8% compounded annually. After 2 years, the total interest earned from both schemes combined was $3,420. What was the initial sum of money invested?

(A) $18,000
(B) $19,000
(C) $20,000
(D) $21,000
(E) $22,000

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Kavicogsci
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GMAT 1: 710 Q48 V40
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A certain sum of money was invested in two different schemes, A and B 07 Sep 2024, 05:39
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@Bunnel can you help in this ques?­
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Budhaditya_Saha
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A certain sum of money was invested in two different schemes, A and B 07 Sep 2024, 12:08
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nafuzzz
­A certain sum of money was invested in two different schemes, A and B, in the ratio of 4:5, respectively. Scheme A offers an annual interest rate of 6% compounded annually, while Scheme B offers an annual interest rate of 8% compounded annually. After 2 years, the total interest earned from both schemes combined was $3,420. What was the initial sum of money invested?

(A) $18,000
(B) $19,000
(C) $20,000
(D) $21,000
(E) $22,000
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Please help me with this question Bunuel

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A certain sum of money was invested in two different schemes, A and B 05 May 2025, 01:40
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I would solve this by assuming some values for A and B. Since they are in the ration of 4:5, I would assume A as 4000 and B as 5000.

Calculating the interest for A and B @6% and 8% for 2yrs,

A=~494
B=832
A+B=1326

When the Principle is 9000, interest is 1326

The interest in question is 3420 i.e., 2.58 times of 1326.

Original Principle = 9000*2.58
=23220
=~23000

OP might wanna update the options

nafuzzz
­A certain sum of money was invested in two different schemes, A and B, in the ratio of 4:5, respectively. Scheme A offers an annual interest rate of 6% compounded annually, while Scheme B offers an annual interest rate of 8% compounded annually. After 2 years, the total interest earned from both schemes combined was $3,420. What was the initial sum of money invested?

(A) $18,000
(B) $19,000
(C) $20,000
(D) $21,000
(E) $22,000
Show more

Archived Topic
Hi there,
This topic has been closed and archived due to inactivity or violation of community quality standards. No more replies are possible here.
Where to now? Join ongoing discussions on thousands of quality questions in our Problem Solving (PS) Forum
Still interested in this question? Check out the "Best Topics" block above for a better discussion on this exact question, as well as several more related questions.
Thank you for understanding, and happy exploring!
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