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

It is currently 16 Dec 2018, 01:03

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
Events & Promotions in December
PrevNext
SuMoTuWeThFrSa
2526272829301
2345678
9101112131415
16171819202122
23242526272829
303112345
Open Detailed Calendar
  • FREE Quant Workshop by e-GMAT!

     December 16, 2018

     December 16, 2018

     07:00 AM PST

     09:00 AM PST

    Get personalized insights on how to achieve your Target Quant Score.
  • Free GMAT Prep Hour

     December 16, 2018

     December 16, 2018

     03:00 PM EST

     04:00 PM EST

    Strategies and techniques for approaching featured GMAT topics

A total of $1200 is deposited in two savings account for one year

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

Hide Tags

Manager
Manager
User avatar
G
Joined: 16 Oct 2016
Posts: 131
Location: India
Concentration: General Management, Healthcare
GMAT 1: 640 Q40 V38
GMAT 2: 680 Q48 V35
GPA: 3.05
WE: Pharmaceuticals (Health Care)
Premium Member Reviews Badge CAT Tests
A total of $1200 is deposited in two savings account for one year  [#permalink]

Show Tags

New post Updated on: 19 Nov 2018, 06:58
2
00:00
A
B
C
D
E

Difficulty:

  5% (low)

Question Stats:

88% (01:58) correct 12% (01:35) wrong based on 42 sessions

HideShow timer Statistics

A total of $1200 is deposited in two savings account for one year, part at 5% and the remainder at 7%. If $72 was earned in interest, how much was deposited at 5%?

A. 410

B. 520

C. 600

D. 650

E. 760



Source: Nova -GMAT

_________________

_______________________________________________________________________________________________________________________________________
Chasing the dragon


Originally posted by fitzpratik on 18 Nov 2018, 09:13.
Last edited by fitzpratik on 19 Nov 2018, 06:58, edited 1 time in total.
Manager
Manager
User avatar
B
Joined: 26 Apr 2011
Posts: 59
Location: India
GPA: 3.5
WE: Information Technology (Computer Software)
Premium Member
Re: A total of $1200 is deposited in two savings account for one year  [#permalink]

Show Tags

New post 19 Nov 2018, 06:52
fitzpratik wrote:
A total of $1200 is deposited in two savings account for one year, part at 5% and the remainder at 7%. If 72% was earned in interest, how much was deposited at 5%?

A. 410

B. 520

C. 600

D. 650

E. 760



Source: Nova -GMAT


I got stuck and could not proceed. A simple google search found out the question is put wrongly. Please correct it! Earned should not be in percentage.
_________________

Do What Your Heart Says....

Manager
Manager
User avatar
G
Joined: 16 Oct 2016
Posts: 131
Location: India
Concentration: General Management, Healthcare
GMAT 1: 640 Q40 V38
GMAT 2: 680 Q48 V35
GPA: 3.05
WE: Pharmaceuticals (Health Care)
Premium Member Reviews Badge CAT Tests
Re: A total of $1200 is deposited in two savings account for one year  [#permalink]

Show Tags

New post 19 Nov 2018, 06:59
MrCleantek wrote:
fitzpratik wrote:
A total of $1200 is deposited in two savings account for one year, part at 5% and the remainder at 7%. If 72% was earned in interest, how much was deposited at 5%?

A. 410

B. 520

C. 600

D. 650

E. 760




Source: Nova -GMAT


I got stuck and could not proceed. A simple google search found out the question is put wrongly. Please correct it! Earned should not be in percentage.


Hi MrCleantek

Thanks for bringing the error to my notice. I have corrected it.

Apologies for the error.
_________________

_______________________________________________________________________________________________________________________________________
Chasing the dragon

Director
Director
User avatar
P
Joined: 20 Sep 2016
Posts: 547
GMAT ToolKit User CAT Tests
Re: A total of $1200 is deposited in two savings account for one year  [#permalink]

Show Tags

New post 25 Nov 2018, 10:59
1
16 seconds - thanks to chetan2u

Backsolve...also for equations try with option C first so that you will know which direction you need to go (more or less) Bunuel thankyou for this tip
Instead use the choices

We want the interest to be 72
So basically the equition is :
5% of X + 7% of (1200-x)

5% of 600 = 30 (all u have to do is 5*6)
7 % of 600 = 42 ...

= 72
C is the answer.

Posted from my mobile device
Senior SC Moderator
avatar
V
Joined: 22 May 2016
Posts: 2213
Premium Member CAT Tests
A total of $1200 is deposited in two savings account for one year  [#permalink]

Show Tags

New post 25 Nov 2018, 18:20
2
fitzpratik wrote:
A total of $1200 is deposited in two savings account for one year, part at 5% and the remainder at 7%. If $72 was earned in interest, how much was deposited at 5%?

A. 410

B. 520

C. 600

D. 650

E. 760


Source: Nova -GMAT

Algebra
We have two different amounts invested at different interest rates.
We can treat this question as we would a mixture problem.

Define one amount in terms of the other.

\(x\) = the amount invested at 5%
\(y\) = the amount invested at 7%
\(x +y=$1200\)
\(y=(1200-x)\)

The sum of the interest earned on each part is \($72\)

\((.05)(x)+(.07)(y)=72\)
\((.05)(x)+(.07)(1200-x)=72\)
Multiply all terms by \(100\)
\(5x+(7)(1200-x)=7200\)
\(5x+8,400-7x=7200\)
\(1,200=2x\)
\(x=600\)

Answer C

Use the answer choices
Start with C to get a benchmark.*

C) 600 = the amount invested at 5%
The total amount invested is $1,200
The other portion invested at 7% also = $600

Interest earned by $600 at 5%:
\($600 * \frac{5}{100}=$30\)

Interest earned by $600 at 7%
\(($600*\frac{7}{100})=$42\)

Total interest earned? $72
$30 + $42 = $72

That's correct.

Answer C


**Using a benchmark
If C is too great, eliminate D and E. Both are greater than C.
If C is too small, eliminate A and B. Both are smaller than C.

Suppose we had started with E) $760
Interest earned by $760 at 5% ?
10% would be $38. 5% is half that: $38

Other portion = $(1,200 - 760) = $440
Interest earned? $440 * \(\frac{7}{100}\)= ($4.40 * 7) = $30.80

Total interest? $38 + $30.80 = $60.80
Actual total interest earned? $72.00. The theoretical $60.80 earned is a lot less than $72.
$760 at 5% is too great an amount—too much of the original $1,200.
We need the higher interest rate, 7%, to earn more. Make the 7% portion's base amount greater.
To do so, decrease the 5% base amount. Try (C).
VP
VP
User avatar
D
Joined: 09 Mar 2016
Posts: 1234
A total of $1200 is deposited in two savings account for one year  [#permalink]

Show Tags

New post 26 Nov 2018, 06:43
1
let \(x\) be sum invested @ 5%

let \((1200-x)\) be the remainder invested @ 7%

\(1272 = 1.05x+(1200-x)(1.07)\)

\(1272 = 1.05x+1284-1.07x\)

\(1272 = 1284 - 0.02x\)

\(0.02x =12\)

\(x = 600\)

:)
GMAT Club Bot
A total of $1200 is deposited in two savings account for one year &nbs [#permalink] 26 Nov 2018, 06:43
Display posts from previous: Sort by

A total of $1200 is deposited in two savings account for one year

  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®.