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An investment of y dollars at p percent simple interest yiel

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An investment of y dollars at p percent simple interest yiel [#permalink]

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An investment of y dollars at p percent simple interest yields $600 interest over a 3-year period. In terms of y, what dollar amount invested at the same rate will yield the same amount of interest over a 2-year period?

(A) \(\frac{2}{3}y\)

(B) \(\frac{3}{4}y\)

(C) \(\frac{3}{2}y\)

(D) \(2y\)

(E) \(3y\)

Source: Gmat Hacks 1800
[Reveal] Spoiler: OA

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Re: An investment of y dollars at p percent simple interest [#permalink]

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New post 05 Feb 2013, 21:59
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megafan wrote:
An investment of y dollars at p percent simple interest yields $600 interest over a 3-year period. In terms of y, what dollar amount invested at the same rate will yield the same amount of interest over a 2-year period?

(A) \(\frac{2}{3}y\)

(B) \(\frac{3}{4}y\)

(C) \(\frac{3}{2}y\)

(D) \(2y\)

(E) \(3y\)

Source: Gmat Hacks 1800


Let's start by assigning suitable values to some variables so that we can easily calculate the answer.

$600 simple interest earned in 3 yrs means $200 earned every year. So if dollar amount y = 1000, rate of interest p = 20%

We need $600 in 2 yrs i.e. $300 every year at 20% rate.

300 = 20% of Amount invested
Amount invested = $1500 i.e. (3/2)y
Answer (C)
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Re: An investment of y dollars at p percent simple interest yiel [#permalink]

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New post 06 Feb 2013, 00:51
megafan wrote:
An investment of y dollars at p percent simple interest yields $600 interest over a 3-year period. In terms of y, what dollar amount invested at the same rate will yield the same amount of interest over a 2-year period?

(A) \(\frac{2}{3}y\)

(B) \(\frac{3}{4}y\)

(C) \(\frac{3}{2}y\)

(D) \(2y\)

(E) \(3y\)

Source: Gmat Hacks 1800


Another copied question from GMAT Hacks.

Original question from GMAT Prep:
Quote:
An investment of d dollars at k percent simple annual interest yields $600 over a 2 year period. In terms of d, what dollar amount invested at the same rate will yield $2,4000 over a 3 year period?

A. (2d)/3
B. (3d)/4
C. (4d)/3
D. (3d)/2
E. (8d)/3


Discussed here: an-investment-of-d-dollars-at-k-percent-simple-annual-106083.html
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Re: An investment of y dollars at p percent simple interest yiel [#permalink]

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Re: An investment of y dollars at p percent simple interest yiel [#permalink]

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New post 27 Feb 2017, 05:45
Hello from the GMAT Club BumpBot!

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Re: An investment of y dollars at p percent simple interest yiel [#permalink]

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New post 01 Mar 2017, 18:09
megafan wrote:
An investment of y dollars at p percent simple interest yields $600 interest over a 3-year period. In terms of y, what dollar amount invested at the same rate will yield the same amount of interest over a 2-year period?

(A) \(\frac{2}{3}y\)

(B) \(\frac{3}{4}y\)

(C) \(\frac{3}{2}y\)

(D) \(2y\)

(E) \(3y\)


We are given that an investment of y dollars at p percent simple interest yields 600 dollars over a 3-year period. Since simple interest = principal x rate x time, we have:

600 = (y)(p/100)(3)

200 = yp/100

20,000 = yp

20,000/y = p

We now need to determine, in terms of y, the dollar amount invested that will yield the same amount of interest over a 2-year period.

Our rate is (20,000/y)/100 = 200/y and we can let n = the dollar amount. We then have:

600 = (n)(200/y)(2)

300 = (n)(200/y)

300y = 200n

(3/2)y = n

Answer: C
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Re: An investment of y dollars at p percent simple interest yiel   [#permalink] 01 Mar 2017, 18:09
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