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# A man invests \$1400 in a bank under simple interest. What was the fina

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Math Expert
Joined: 02 Sep 2009
Posts: 54440
A man invests \$1400 in a bank under simple interest. What was the fina  [#permalink]

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10 Jul 2017, 02:39
00:00

Difficulty:

25% (medium)

Question Stats:

91% (01:20) correct 9% (01:30) wrong based on 30 sessions

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A man invests \$1400 in a bank under simple interest. What was the final value of the investment after 3 years?

(1) Had the investment been done for 2 years, the amount would have been \$1600.
(2) Had the rate of interest been doubled, the amount after three years would have been \$300 greater than the actual interest obtained.

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Joined: 21 Mar 2016
Posts: 519
Re: A man invests \$1400 in a bank under simple interest. What was the fina  [#permalink]

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10 Jul 2017, 09:16
simple interest = PRT /100

stat 1: for two years interest earned = 1600-1400 = 200
sufficient to calculate the interest rate and hence amount after 3 years..

stat 2 : Suff to calculate the interest rate,,,suff

ans D
Re: A man invests \$1400 in a bank under simple interest. What was the fina   [#permalink] 10 Jul 2017, 09:16
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