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# A total of \$60,000 was invested for one year. But of this

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Director
Joined: 17 Oct 2005
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A total of \$60,000 was invested for one year. But of this [#permalink]

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06 Feb 2006, 22:28
This topic is locked. If you want to discuss this question please re-post it in the respective forum.

A total of \$60,000 was invested for one year. But of this amount earned simple annual interest at the rate of x percent per year, and the rest earned simple annual interest at the rate of y percent per year. If the total interest earned by the \$60,000 for that year was \$4,080, what is the value of x?

(1) x = (3/4) y
(2) The ratio of the amount that earned interest at the rate of x percent per year to the amount that earned interest at the rate of y percent per year was 3 to 2.

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VP
Joined: 21 Sep 2003
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06 Feb 2006, 23:47
Is it C?

Let P the principle invested with rate x for a time t (fraction of 12 months)
then 60000-P will be invested with y for time 1-t

4080 = P* 1 * x/100 + (60000-P)*1*y/100 ---- (1)

1) x = 3/4y ----(2)
Don't know P cannot solve the eqn. INSUFF.

2) P*1*x/(60000-P)*1*y = 3/2 . ----(3)

Don't know x & y.

Combining

From (2)&(3), we can obtain P.
From (2), P & (1) we can solve for x.
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Senior Manager
Joined: 11 Nov 2005
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07 Feb 2006, 00:55
C.

By combining the stat 1 and 2 one can answer the question hence C.

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07 Feb 2006, 00:55
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# A total of \$60,000 was invested for one year. But of this

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