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

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A total of $1200 is deposited in two savings account for one year, par  [#permalink]

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New post 29 Jan 2020, 03:29
1
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A
B
C
D
E

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Question Stats:

92% (01:27) correct 8% (04:10) wrong based on 25 sessions

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Senior Manager
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Joined: 16 Feb 2015
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Re: A total of $1200 is deposited in two savings account for one year, par  [#permalink]

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New post 29 Jan 2020, 03:39
Explanation:

let x amount on 5% interest
1200-x at 7%

so, 0.05x + (1200-x)*0.07 = 72
0.02x= 12
x=600

IMO-C
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Re: A total of $1200 is deposited in two savings account for one year, par  [#permalink]

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New post 29 Jan 2020, 21:53
Bunuel 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


Solution:
Total investment = $ 1200
    • Let the amount invested at 5% interest rate be $x
      o Amount invested at 7% interest rate = $(1200 – x)
Both the investments are made for one year.
    • Interest earned on $x after one year =\(\frac{x*5*1}{100}\)
    • Interest earned on $(1200-x) after one year =\( \frac{(1200- x)*7*1}{100}\)
Total interest earned after one year is $72
    • \(\frac{x*5*1}{100} +\frac{(1200- x)*7*1}{100}\) = 72
    • 5x + 8400 – 7x =7200
    • -2x = 7200 – 8400
    • -2x = - 1200
    • x = 600
Hence, the correct answer is Option C.
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Re: A total of $1200 is deposited in two savings account for one year, par   [#permalink] 29 Jan 2020, 21:53
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