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Allen invested 2400 dollars for one year earning y percent simple inte

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Allen invested 2400 dollars for one year earning y percent simple inte  [#permalink]

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New post 06 Jul 2018, 06:55
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Difficulty:

  65% (hard)

Question Stats:

51% (01:52) correct 49% (01:48) wrong based on 41 sessions

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Allen invested 2400 dollars for one year earning y percent simple interest and Taya invested x dollars for one year earning y percent simple interest. What is the value of y?

(1) The ratio of Tanyas earned interest to Allen earned interest was 3%
(2) Allen earned 168 dollars in interest
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Re: Allen invested 2400 dollars for one year earning y percent simple inte  [#permalink]

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New post 06 Jul 2018, 07:37
neiln413b wrote:
Allen invested 2400 dollars for one year earning y percent simple interest and Taya invested x dollars for one year earning y percent simple interest. What is the value of y?

(1) The ratio of Tanyas earned interest to Allen earned interest was 3%
(2) Allen earned 168 dollars in interest


\(SI\)=\(\frac{PTR}{100}\)

St1:-
Interest earned by Tanya=\(\frac{x*y*1}{100}\)=\(\frac{xy}{100}\)
Interest earned by Allen=\(\frac{2400*y*1}{100}\)=\(\frac{2400y}{100}\)
Ratio of interest=\(\frac{3}{100}\)
Or, \(\frac{xy}{2400y}\)
We can't determine y.Hence, insufficient.
St2:-
Interest earned by Allen=\(\frac{2400y}{100}\)=168
So, y can be determined.
Sufficient.
Ans. (B)
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Re: Allen invested 2400 dollars for one year earning y percent simple inte  [#permalink]

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New post 06 Jul 2018, 08:31
Statement (1) is clearly not sufficient but with Statement (2) we could calculate the value of y easily as after plugging in the values of principal & interest we can easily calculate the percentage rate.
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Re: Allen invested 2400 dollars for one year earning y percent simple inte &nbs [#permalink] 06 Jul 2018, 08:31
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