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29 Oct 2018, 06:15
00:00

Difficulty:

35% (medium)

Question Stats:

76% (01:47) correct 24% (02:11) wrong based on 37 sessions

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An investment yields an interest payment of $68 each week. If the simple annual interest rate is 7.5%, what is the amount of the investment assuming there only 48 weeks are calculated in a year? A.$28,600
B. $30,430 C.$34,330
D. $37,860 E.$43,520

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An investment yields an interest payment of $68 each week. If the simp [#permalink] ### Show Tags 29 Oct 2018, 07:20 Bunuel wrote: An investment yields an interest payment of$68 each week. If the simple annual interest rate is 7.5%, what is the amount of the investment assuming there only 48 weeks are calculated in a year?

A. $28,600 B.$30,430
C. $34,330 D.$37,860
E. $43,520 Total Interest per year is $$68*48$$ Now, $$68*48 = \frac{P*1*7.5}{100}$$ So, $$p = 43,520$$, Answer must be (E) _________________ Thanks and Regards Abhishek.... PLEASE FOLLOW THE RULES FOR POSTING IN QA AND VA FORUM AND USE SEARCH FUNCTION BEFORE POSTING NEW QUESTIONS How to use Search Function in GMAT Club | Rules for Posting in QA forum | Writing Mathematical Formulas |Rules for Posting in VA forum | Request Expert's Reply ( VA Forum Only ) e-GMAT Representative Joined: 04 Jan 2015 Posts: 2213 Re: An investment yields an interest payment of$68 each week. If the simp  [#permalink]

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30 Oct 2018, 02:41

Solution

Given:
• Interest payment for each week = $68 • Simple annual interest rate = 7.5% • Number of weeks calculated in a year = 48 To find: • The amount of investment Approach and Working: • Let us assume that the investment amount = A • Interest rate per week = 7.5%/total number of weeks in that year = $$\frac{7.5%}{48}$$ • Interest payment for each week =$68
• Thus, $$(\frac{7.5}{48})$$% of A = $68 o Implies, A = $$\frac{(68 * 48 *100)}{7.5} = 43,520$$ Hence, the correct answer is Option E Answer: E _________________ Register for free sessions Number Properties | Algebra |Quant Workshop Success Stories Guillermo's Success Story | Carrie's Success Story Ace GMAT quant Articles and Question to reach Q51 | Question of the week Must Read Articles Number Properties – Even Odd | LCM GCD | Statistics-1 | Statistics-2 Word Problems – Percentage 1 | Percentage 2 | Time and Work 1 | Time and Work 2 | Time, Speed and Distance 1 | Time, Speed and Distance 2 Advanced Topics- Permutation and Combination 1 | Permutation and Combination 2 | Permutation and Combination 3 | Probability Geometry- Triangles 1 | Triangles 2 | Triangles 3 | Common Mistakes in Geometry Algebra- Wavy line | Inequalities Practice Questions Number Properties 1 | Number Properties 2 | Algebra 1 | Geometry | Prime Numbers | Absolute value equations | Sets | '4 out of Top 5' Instructors on gmatclub | 70 point improvement guarantee | www.e-gmat.com Re: An investment yields an interest payment of$68 each week. If the simp &nbs [#permalink] 30 Oct 2018, 02:41
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