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16 Dec 2019, 01:37
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B
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
25%
(medium)
Question Stats:
75% (01:34) correct
25%
(01:30)
wrong
based on 156
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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
Are You Up For the Challenge: 700 Level Questions
(1) The ratio of Tanyas earned interest to Allen earned interest was 3
(2) Allen earned 168 dollars in interest
Are You Up For the Challenge: 700 Level Questions
16 Dec 2019, 19:16
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Bookmarks
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%.
So, nothing about y
But let us find x.
Interest earned by Allen = \(\frac{2400*1*y}{100}=24y\)
Interest earned by Tanya = \(\frac{x*1*y}{100}\)
Thus \(\frac{I_T}{I_A}=\frac{\frac{xy}{100}}{24y}=3\)
\(x=72*100=7200\)
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%.
(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%.
So, nothing about y
But let us find x.
Interest earned by Allen = \(\frac{2400*1*y}{100}=24y\)
Interest earned by Tanya = \(\frac{x*1*y}{100}\)
Thus \(\frac{I_T}{I_A}=\frac{\frac{xy}{100}}{24y}=3\)
\(x=72*100=7200\)
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%.
23 Jan 2020, 05:54
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Bookmarks
Bunuel
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.
Answer B
