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

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Joined: 08 Aug 2005
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A total of \$60,000 was invested for one year. Part of this [#permalink]

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01 Dec 2005, 00:59
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. Part 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 =3y/4
(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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Joined: 28 May 2005
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01 Dec 2005, 03:08

from statement i) we can formulate the equation.
principal 1* .75y + principal 2*y = 4080
so it is insuff...

from statement 2) we know that amount invested in interest rate x is 3600 and in interest rate y is 2400.

now we we know that total interest earned is 4080
but since we have no idea about the interest rate it is insuff...

now if we combine both the statement we get,

3600*.75y + 2400y = 4080

we can easily calculate the rest from here.

_________________

hey ya......

Kudos [?]: 457 [0], given: 0

01 Dec 2005, 03:08
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