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05 Aug 2006, 07:09
2
00:00

Difficulty:

55% (hard)

Question Stats:

66% (02:13) correct 34% (02:07) wrong based on 238 sessions

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) $$x = \frac{3y}{4}$$ (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. Senior Manager Joined: 14 Jul 2005 Posts: 391 ### Show Tags 05 Aug 2006, 09:28 D From 1 => x/100 * 60,000 + 4x/3 * 100 * 60,000 = 4080 From 2 => 3a + 2a = 4080 => a = 816 Hence x/100 * 60,000 = 3 * 816 Hence you can solve for x using either equation Manager Joined: 20 Mar 2006 Posts: 200 Re: investment [#permalink] ### Show Tags 05 Aug 2006, 10:31 ong wrote: 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.

(1) gives relationship between x and y. we still dont know the number of months to get a numerical value for x
Insuff BCE
(2) gives the ratio of Interest from x/Interest from y. Cannot determine x from this. CE
(1) & (2) No new information about the number of months

E

Heman
Manager
Joined: 20 Mar 2006
Posts: 200

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05 Aug 2006, 10:35
[quote="gmatornot"]D

From 1 => x/100 * 60,000 + 4x/3 * 100 * 60,000 = 4080
(1) I thought SI formula was prinicpal * rate * number of months/100. How are you getting x/100 * 60000.
(2) From the question stem i understand that part of the 60000 was invested @ x% and the rest @ y% ?
Senior Manager
Joined: 14 Jul 2005
Posts: 391

### Show Tags

05 Aug 2006, 14:40
heman wrote:
gmatornot wrote:
D

From 1 => x/100 * 60,000 + 4x/3 * 100 * 60,000 = 4080
(1) I thought SI formula was prinicpal * rate * number of months/100. How are you getting x/100 * 60000.
(2) From the question stem i understand that part of the 60000 was invested @ x% and the rest @ y% ?

You are RIGHT. I completely misread the question. I believe the answer is E as you have identified...
Senior Manager
Joined: 22 May 2006
Posts: 350
Location: Rancho Palos Verdes

### Show Tags

05 Aug 2006, 15:30
ong wrote:
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. Let part of amount = A, then the other part = 60000-A A*(x/100) + (60000-A)*(y/100) = 4080 S1. x=3y/4 A*(3y/400) + (60000-A)*(y/100) = 4080 We need value A to solve this. => insufficient. S2. A*(x/100) = (3/5)*4080 = 2448 (60000-A)*(y/100) = (2/5)*4080= 1632 We need value A to solve this. => insufficient. Combine S1 and S2. A*(3y/400) = 2448 => A=2448*400/3y=326400/y (60000-A)*(y/100) = 1632 We have two variables with two eq. thus sufficient. Hence, C.. (600-3264/y)*(y) = 1632 600y - 3264 = 1632 600y = 1632+3264 600y = 4896 y = 8.16 % x=3y/4 = 8.16*3/4 = 6.12% _________________ The only thing that matters is what you believe. Senior Manager Joined: 22 May 2006 Posts: 350 Location: Rancho Palos Verdes Re: investment [#permalink] ### Show Tags 05 Aug 2006, 15:33 heman wrote: (1) & (2) No new information about the number of months E Heman If the total interest earned by the$60,000 for that year was $4,080, what is the value of x _________________ The only thing that matters is what you believe. Manager Joined: 20 Mar 2006 Posts: 200 Re: investment [#permalink] ### Show Tags 05 Aug 2006, 15:48 freetheking wrote: heman wrote: (1) & (2) No new information about the number of months E Heman If the total interest earned by the$60,000 for that year was $4,080, what is the value of x I still dont get it. Wouldnt it be possible for amount A @ x% for n months + amount (60000 - A) @ y % for (12-n) months = 4080. Then won't we have different value for x and y depending on the time period of investment within a year? Or does the ? mean that each part invested @ x% and y% was for a year? I had a similar solution to you except I had a variable for time period and so 2 eqns and 3 variables. Heman Senior Manager Joined: 22 May 2006 Posts: 350 Location: Rancho Palos Verdes Re: investment [#permalink] ### Show Tags 05 Aug 2006, 15:52 ong wrote: 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?

x and y are simple annual interest..
dealing with one year investment.. not monthly..
heman wrote:
Or does the ? mean that each part invested @ x% and y% was for a year?
Yes!
Heman

_________________

The only thing that matters is what you believe.

Manager
Joined: 01 Jan 2008
Posts: 216
Schools: Booth, Stern, Haas

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19 Jan 2008, 09:01
marcodonzelli wrote:
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 = 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. I think it is C First statement is not suff because we don't know which amount was exactly invested, second is not suff since we don't know the rates but combined we can solve it II. 3/5*60000=36000 I. 36000*3/4y+24000*y=4,080 17/4y=4080/12000 => y=8% => x=8*3/4 =6% Manager Joined: 10 Aug 2009 Posts: 126 Re: DS: Interests ratios [#permalink] ### Show Tags 23 Aug 2009, 19:54 1)n1+ n2 = 60000 n1- amount invested at x%, n2 - amount invested at y%. 2) n1*x%+n2*y% = 4080 To solve this for x, we need two things: 1) the ratio of n1 to n2 (given in the second statement) 2) the ration of x to y (given in the first statement) So, both statements together are sufficient. Senior Manager Joined: 30 Aug 2009 Posts: 270 Location: India Concentration: General Management Re: annual interest [#permalink] ### Show Tags 29 Dec 2009, 07:31 kirankp wrote: 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.

will go with C

let "a" be the amount which gets Simple interest at rate of x%/yr. Then SI = ax/100
then "60000 -a " is the amount which gets Simple interest at rate of y%/yr. Then SI = (60000-a)y/100

so we have (ax)/100 + (60000-a)y/100 = 4080

from stmnt 1- we have x = 3y/4 . even after substituting value of x in above equation we will not be able to get the value of x. Insuff

from stmnt 2 - we have (ax/100)/ (60000-a)y/100 =3/2. Again not suff

taking together x = 3y/4 and (ax/100)/ (60000-a)y/100 =3/2 we will get the value of x. hence suff
Math Expert
Joined: 02 Sep 2009
Posts: 51101

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26 Aug 2010, 10:26
3
udaymathapati wrote:
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

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24 Jul 2014, 15:59
Let A be the part that gets interest at the rate of x% B = 60000 -A that gets interest at y%. There are two unknowns in question stem - the relation between A and B and the relation between x and y
Statement 1 : gives relation between x and y, but we do not know relation between A and B --> insufficient
Statement 2 gives A:B = 3:2, --> A = 36000 and B = 24000 but nothing about x:y, --> Insufficient

Combining 1 and 2 --> Can be solved as equation can be reduced to one variable , hence sufficient
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Posts: 9121
Re: A total of $60,000 was invested for one year. Part of this [#permalink] ### Show Tags 05 Aug 2018, 15:05 Hello from the GMAT Club BumpBot! Thanks to another GMAT Club member, I have just discovered this valuable topic, yet it had no discussion for over a year. I am now bumping it up - doing my job. I think you may find it valuable (esp those replies with Kudos). Want to see all other topics I dig out? Follow me (click follow button on profile). You will receive a summary of all topics I bump in your profile area as well as via email. _________________ Re: A total of$60,000 was invested for one year. Part of this &nbs [#permalink] 05 Aug 2018, 15:05
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