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

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Math Expert
Joined: 02 Sep 2009
Posts: 61396
Allen invested 2400 dollars for one year earning y percent simple inte  [#permalink]

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16 Dec 2019, 00:37
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Difficulty:

35% (medium)

Question Stats:

73% (01:14) correct 27% (01:44) wrong based on 26 sessions

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Allen invested 2400 dollars for one year earning y percent simple interest and Tanya 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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16 Dec 2019, 18:16
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%
This simply tells us value of x.
The ratio of the amount 2400:x will be same as ratio of the interest as rest all variables are same . Time is 1 year and rate is y%.
Insuff

(2) Allen earned 168 dollars in interest
This will give us y straight.
$$I=\frac{PRT}{100}........168=\frac{2400*y*1}{100}.......168=24y.....y=7%$$
Suff

B

Bunuel, typos
Taya should be Tanya and ratio may be 3 and not 3%.
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Re: Allen invested 2400 dollars for one year earning y percent simple inte  [#permalink]

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23 Jan 2020, 04:54
Bunuel wrote:
Allen invested 2400 dollars for one year earning y percent simple interest and Tanya 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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Allen invested 2400\$ for 1 year at y percent simple interest.
Tanya invested some money for 1 year at y percent simple interest.
Question : y=?

All we care about is y and nothing else.

Statement 2 : 168/2400 will give me value of y. Sufficient.

Statement 1: It will help me finding the interest but I don't need to know that. And I cannot find y with it. So insufficient.

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Re: Allen invested 2400 dollars for one year earning y percent simple inte   [#permalink] 23 Jan 2020, 04:54
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