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A man invests two equal sums of money in two banks, both under simple

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Joined: 02 Sep 2009
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A man invests two equal sums of money in two banks, both under simple  [#permalink]

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10 Jul 2017, 02:40
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Difficulty:

15% (low)

Question Stats:

84% (01:25) correct 16% (01:40) wrong based on 45 sessions

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A man invests two equal sums of money in two banks, both under simple interest. What is the rate of interest in the second bank?

(1) The interests obtained from the two banks after 2 years and 3 years, respectively are in the ratio 4 : 5.
(2) The rate of interest in the first bank is 6 percent per annum.

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Re: A man invests two equal sums of money in two banks, both under simple  [#permalink]

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10 Jul 2017, 10:40
A

A man invests two equal sums of money in two banks, both under simple interest. What is the rate of interest in the second bank?

(1) The interests obtained from the two banks after 2 years and 3 years, respectively are in the ratio 4 : 5.
(2) The rate of interest in the first bank is 6 percent per annum.
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Joined: 18 Feb 2015
Posts: 3
Re: A man invests two equal sums of money in two banks, both under simple  [#permalink]

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10 Jul 2017, 10:55
Given P1 = P2 = P
What is R2?

Statement 1:
SI are in ratio 4:5
Let the multiplicative factor be X. Therefore :
(((P*R1*2)/100)/((P*R2*3)/100)) = 4X/5X
Simplifying : 2R1/3R2=4/5 --> 10R1=12R2 --> R1 = 12% and R2 = 10% Or R1 = 6% and R2 = 5%
Therefore not Sufficient.

Statement 2:
R1 = 6%
P1 = P2 = P
No information on T1, T2, SI1 and SI2.
Therefore Not sufficient.

Combine 1 & 2
When R1 = 6% R2 = 5% --> Sufficient.

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Re: A man invests two equal sums of money in two banks, both under simple  [#permalink]

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10 Jul 2017, 11:08
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Re: A man invests two equal sums of money in two banks, both under simple   [#permalink] 10 Jul 2017, 11:08
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