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27 Sep 2018, 05:36
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Difficulty:

25% (medium)

Question Stats:

90% (02:00) correct 10% (02:17) wrong based on 38 sessions

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A sum of $100,000 was invested in two deposits at simple interest rates of 3 percent and 4 percent, respectively. If the total interest on the two certificates was$3600 at the end of one year, what fractional part of the 100,000 was invested at 4 percent?

(A) 5/8

(B) 1/5

(C) 2/3

(D) 3/5

(E) 3/7

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27 Sep 2018, 07:42
1
Bunuel wrote:
A sum of $100,000 was invested in two deposits at simple interest rates of 3 percent and 4 percent, respectively. If the total interest on the two certificates was$3600 at the end of one year, what fractional part of the 100,000 was invested at 4 percent?

(A) 5/8

(B) 1/5

(C) 2/3

(D) 3/5

(E) 3/7

3-----------------------------------4
----------------3.6------------------
0.4--------------------------------0.6

AMount invested at 4% ROI is $$\frac{0.60}{(0.40 + 0.60)}= \frac{3}{5}$$, Answer must be (D)
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02 Oct 2018, 19:55
Bunuel wrote:
A sum of $100,000 was invested in two deposits at simple interest rates of 3 percent and 4 percent, respectively. If the total interest on the two certificates was$3600 at the end of one year, what fractional part of the 100,000 was invested at 4 percent?

(A) 5/8

(B) 1/5

(C) 2/3

(D) 3/5

(E) 3/7

We can let n = the amount of money invested at 4% interest. Thus, the amount at 3% is (100,000 - n). We can create the following equation:

0.04n + 0.03(100,000 - n) = 3,600

0.04n + 3,000 - 0.03n = 3,600

0.01n = 600

n = 60,000

We see that $60,000 is 60,000/100,000 = 6/10 = 3/5 of the total amount invested. Answer: D _________________ # Scott Woodbury-Stewart Founder and CEO Scott@TargetTestPrep.com 122 Reviews 5-star rated online GMAT quant self study course See why Target Test Prep is the top rated GMAT quant course on GMAT Club. Read Our Reviews If you find one of my posts helpful, please take a moment to click on the "Kudos" button. Re: A sum of$100,000 was invested in two deposits at simple interest rate   [#permalink] 02 Oct 2018, 19:55
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