GMAT Question of the Day: Daily via email | Daily via Instagram New to GMAT Club? Watch this Video

It is currently 22 Feb 2020, 22:28

Close

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
Your Progress

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

Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.

Close

Request Expert Reply

Confirm Cancel

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

  new topic post reply Question banks Downloads My Bookmarks Reviews Important topics  
Author Message
TAGS:

Hide Tags

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

Show Tags

New post 16 Dec 2019, 00:37
00:00
A
B
C
D
E

Difficulty:

  35% (medium)

Question Stats:

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

HideShow timer Statistics

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

_________________
Math Expert
avatar
V
Joined: 02 Aug 2009
Posts: 8252
Re: Allen invested 2400 dollars for one year earning y percent simple inte  [#permalink]

Show Tags

New post 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%.
So, nothing about 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%.
_________________
VP
VP
User avatar
D
Joined: 18 Dec 2017
Posts: 1120
Location: United States (KS)
GMAT 1: 600 Q46 V27
Premium Member CAT Tests
Re: Allen invested 2400 dollars for one year earning y percent simple inte  [#permalink]

Show Tags

New post 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


Are You Up For the Challenge: 700 Level Questions


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
_________________
The Moment You Think About Giving Up, Think Of The Reason Why You Held On So Long

Learn from the Legend himself: All GMAT Ninja LIVE YouTube videos by topic
You are missing on great learning if you don't know what this is: Project SC Butler
GMAT Club Bot
Re: Allen invested 2400 dollars for one year earning y percent simple inte   [#permalink] 23 Jan 2020, 04:54
Display posts from previous: Sort by

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

  new topic post reply Question banks Downloads My Bookmarks Reviews Important topics  





Powered by phpBB © phpBB Group | Emoji artwork provided by EmojiOne