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07 Sep 2013, 04:08
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D
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
45%
(medium)
Question Stats:
66% (02:20) correct
34%
(02:18)
wrong
based on 191
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A trustee invested a total of $100,000, more than half of which was invested at 6 percent simple interest and the rest of which was invested at 8 percent simple annual interest. What amount was invested at 8 percent?
(1) The total annual income on the investment was $6,800
(2) If twice as much had been invested at 8 percent and the rest at 6 percent, the total annual income on the investment would have been increased by $800
(1) The total annual income on the investment was $6,800
(2) If twice as much had been invested at 8 percent and the rest at 6 percent, the total annual income on the investment would have been increased by $800
what is the equation for statement 2?
07 Sep 2013, 05:45
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A trustee invested a total of $100,000, more than half of which was invested at 6 percent simple interest and the rest of which was invested at 8 percent simple annual interest. What amount was invested at 8 percent?
The amount invested at 8 percent = x (x<$50,000).
The amount invested at 6 percent = 100,000-x.
(1) The total annual income on the investment was $6,800 --> \(0.08x+0.06(100,000-x)=6,800\) --> we can solve for x. Sufficient.
(2) If twice as much had been invested at 8 percent and the rest at 6 percent, the total annual income on the investment would have been increased by $800 --> if twice as much were invested at 8 percent, then the amount invested at 8 percent would be 2x and the amount invested at 6 percent would be 100,000-2x --> \((0.08*2x+0.06(100,000-2x))-(0.08x+0.06(100,000-x))=800\) --> we can solve for x. Sufficient.
Answer: D.
The amount invested at 8 percent = x (x<$50,000).
The amount invested at 6 percent = 100,000-x.
(1) The total annual income on the investment was $6,800 --> \(0.08x+0.06(100,000-x)=6,800\) --> we can solve for x. Sufficient.
(2) If twice as much had been invested at 8 percent and the rest at 6 percent, the total annual income on the investment would have been increased by $800 --> if twice as much were invested at 8 percent, then the amount invested at 8 percent would be 2x and the amount invested at 6 percent would be 100,000-2x --> \((0.08*2x+0.06(100,000-2x))-(0.08x+0.06(100,000-x))=800\) --> we can solve for x. Sufficient.
Answer: D.
21 Nov 2013, 09:57
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"A trustee invested a total of $100,000, more than half of which was invested at 6 percent simple interest and the rest of which was invested at 8 percent simple annual interest"
I would like to know if there is any difference between simple interest and simple annual interest. One can compute the interest monthly/quarterly/half-yearly/annually. I assumed that the word 'annual' was missed deliberately for the 6 percent SI.
I would like to know if there is any difference between simple interest and simple annual interest. One can compute the interest monthly/quarterly/half-yearly/annually. I assumed that the word 'annual' was missed deliberately for the 6 percent SI.
