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At the start of 2015, Jane opened two new accounts X and Y

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Joined: 18 Feb 2019
Posts: 607
Location: India
GMAT 1: 460 Q42 V13
GPA: 3.6
At the start of 2015, Jane opened two new accounts X and Y  [#permalink]

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New post 24 Mar 2019, 02:18
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Question Stats:

53% (02:29) correct 47% (01:59) wrong based on 15 sessions

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At the start of 2015, Jane opened two new accounts X and Y to invest her total savings of $1000. She invested p percent of her savings in account X, which yielded a simple interest of 8 percent per annum, and the rest of the savings in account Y, which yielded a simple interest of 6 percent per annum. Was the amount of interest earned by account X greater than the amount of interest earned by account Y during the year 2015?

I. The value of p was between 25 and 30, inclusive.
II. The total interest earned by the two accounts during 2015 was $66.
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Re: At the start of 2015, Jane opened two new accounts X and Y  [#permalink]

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New post 24 Mar 2019, 07:31
At the start of 2015, Jane opened two new accounts X and Y to invest her total savings of $1000. She invested p percent of her savings in account X, which yielded a simple interest of 8 percent per annum, and the rest of the savings in account Y, which yielded a simple interest of 6 percent per annum. Was the amount of interest earned by account X greater than the amount of interest earned by account Y during the year 2015?
#Account X - \(1000*\frac{p}{100}*\frac{8}{100}*1=\frac{4p}{5}\)
#Account Y - \(1000*\frac{(100-p)}{100}*\frac{6}{100}*1=\frac{3(100-p)}{5}\)
We are looking if \(\frac{4p}{5}>\frac{3(100-p)}{5}.....4p>300-3p.....7p>300....p>42.9\)

I. The value of p was between 25 and 30, inclusive.
So our answer for p>42.9 is NO
sufficient

II. The total interest earned by the two accounts during 2015 was $66.
\(\frac{4p}{5}+\frac{3(100-p)}{5}=66.....4p+300-3p=330.....p=30....\)
So our answer for p>42.9 is NO
sufficient

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Re: At the start of 2015, Jane opened two new accounts X and Y   [#permalink] 24 Mar 2019, 07:31
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At the start of 2015, Jane opened two new accounts X and Y

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