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

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Senior Manager
Joined: 18 Feb 2019
Posts: 283
Location: India
GMAT 1: 490 Q47 V13
GPA: 3.6
At the start of 2015, Jane opened two new accounts X and Y  [#permalink]

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24 Mar 2019, 02:18
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Difficulty:

75% (hard)

Question Stats:

50% (02:29) correct 50% (01:59) wrong based on 14 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.
Math Expert
Joined: 02 Aug 2009
Posts: 7573
Re: At the start of 2015, Jane opened two new accounts X and Y  [#permalink]

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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

D
_________________
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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