GMAT Question of the Day - Daily to your Mailbox; hard ones only

 It is currently 11 Dec 2018, 14:36

### GMAT Club Daily Prep

#### Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.

Customized
for You

we will pick new questions that match your level based on your Timer History

Track

every week, we’ll send you an estimated GMAT score based on your performance

Practice
Pays

we will pick new questions that match your level based on your Timer History

## Events & Promotions

###### Events & Promotions in December
PrevNext
SuMoTuWeThFrSa
2526272829301
2345678
9101112131415
16171819202122
23242526272829
303112345
Open Detailed Calendar
• ### Free GMAT Prep Hour

December 11, 2018

December 11, 2018

09:00 PM EST

10:00 PM EST

Strategies and techniques for approaching featured GMAT topics. December 11 at 9 PM EST.
• ### The winning strategy for 700+ on the GMAT

December 13, 2018

December 13, 2018

08:00 AM PST

09:00 AM PST

What people who reach the high 700's do differently? We're going to share insights, tips and strategies from data we collected on over 50,000 students who used examPAL.

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

Author Message
TAGS:

### Hide Tags

Intern
Joined: 13 Aug 2017
Posts: 8
Allen invested 2400 dollars for one year earning y percent simple inte  [#permalink]

### Show Tags

06 Jul 2018, 06:55
00:00

Difficulty:

65% (hard)

Question Stats:

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

### HideShow timer Statistics

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
Director
Status: Learning stage
Joined: 01 Oct 2017
Posts: 931
WE: Supply Chain Management (Energy and Utilities)
Re: Allen invested 2400 dollars for one year earning y percent simple inte  [#permalink]

### Show Tags

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)
_________________

Regards,

PKN

Rise above the storm, you will find the sunshine

Director
Joined: 11 Feb 2015
Posts: 611
Re: Allen invested 2400 dollars for one year earning y percent simple inte  [#permalink]

### Show Tags

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.
_________________

"Please hit +1 Kudos if you like this post"

_________________
Manish

"Only I can change my life. No one can do it for me"

Re: Allen invested 2400 dollars for one year earning y percent simple inte &nbs [#permalink] 06 Jul 2018, 08:31
Display posts from previous: Sort by