GMAT Question of the Day - Daily to your Mailbox; hard ones only

It is currently 26 May 2019, 19:08

Close

GMAT Club Daily Prep

Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.

Customized
for You

we will pick new questions that match your level based on your Timer History

Track
Your Progress

every week, we’ll send you an estimated GMAT score based on your performance

Practice
Pays

we will pick new questions that match your level based on your Timer History

Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.

Close

Request Expert Reply

Confirm Cancel

A man invested two different sums of money, under the same rate of sim

  new topic post reply Question banks Downloads My Bookmarks Reviews Important topics  
Author Message
TAGS:

Hide Tags

 
Math Expert
User avatar
V
Joined: 02 Sep 2009
Posts: 55277
A man invested two different sums of money, under the same rate of sim  [#permalink]

Show Tags

New post 10 Jul 2017, 02:34
00:00
A
B
C
D
E

Difficulty:

  25% (medium)

Question Stats:

86% (01:28) correct 14% (01:55) wrong based on 41 sessions

HideShow timer Statistics

A man invested two different sums of money, under the same rate of simple interest, but for different periods of time. The total interest he obtained from both the investments was $2,250. What was the rate of interest?

(1) The sums of money invested are $12,000 and $9,000, respectively.
(2) The durations for which the sums are invested are 3 years and 5 years, respectively.

_________________
Director
Director
avatar
S
Joined: 21 Mar 2016
Posts: 518
Reviews Badge
Re: A man invested two different sums of money, under the same rate of sim  [#permalink]

Show Tags

New post 10 Jul 2017, 09:35
Bunuel wrote:
A man invested two different sums of money, under the same rate of simple interest, but for different periods of time. The total interest he obtained from both the investments was $2,250. What was the rate of interest?

(1) The sums of money invested are $12,000 and $9,000, respectively.
(2) The durations for which the sums are invested are 3 years and 5 years, respectively.


stat 1: we dont know the rate at which the interest is calculated. all we know is the total interest is 2250

stat 2: since the interest is simple interest,,the ratio of split will be 3:5 and the total interest is 2250..

8x = 2250
x= 2250/8 we get the interst per year and rate can be calculated,,

ans B
Intern
Intern
avatar
B
Joined: 24 May 2017
Posts: 14
A man invested two different sums of money, under the same rate of sim  [#permalink]

Show Tags

New post 10 Jul 2017, 14:51
1
A = value invested A
B = value invested B
m = number of periods for A
n = number of periods for B
X = interest

Total Interest = TI = 2250 = A m X + B n X
Note that it's not (1+mX) or (1+nX) both because it's simple interest and we're not looking in to the principal

(1) Insufficient. Plug into the equation: 12 m X + 9 n X = 2250. 3 vars. 1 equation
(2) Insufficient. The same: A 3 X + B 5 X = 2250

(1) + (2): 12*3*X + 9*5*X = 2250 -> 1 var, 1 eq.

C
GMAT Club Bot
A man invested two different sums of money, under the same rate of sim   [#permalink] 10 Jul 2017, 14:51
Display posts from previous: Sort by

A man invested two different sums of money, under the same rate of sim

  new topic post reply Question banks Downloads My Bookmarks Reviews Important topics  


Copyright

GMAT Club MBA Forum Home| About| Terms and Conditions and Privacy Policy| GMAT Club Rules| Contact| Sitemap

Powered by phpBB © phpBB Group | Emoji artwork provided by EmojiOne

Kindly note that the GMAT® test is a registered trademark of the Graduate Management Admission Council®, and this site has neither been reviewed nor endorsed by GMAC®.