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

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

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06 Jul 2018, 06:55
00:00

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
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]

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

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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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