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05 Mar 2018, 20:39
00:00

Difficulty:

25% (medium)

Question Stats:

83% (01:29) correct 17% (02:02) wrong based on 70 sessions

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Barbara invests $2,400 in the National Bank at 5%. How much additional money must she invest at 8% so that the total annual income will be equal to 6% of her entire investment? (A)$2,400

(B) $3,600 (C)$1,000

(D) $3,000 (E)$1,200

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Re: Barbara invests $2,400 in the National Bank at 5%. How much additiona [#permalink] ### Show Tags 05 Mar 2018, 20:43 Bunuel wrote: Barbara invests$2,400 in the National Bank at 5%. How much additional money must she invest at 8% so that the total annual income will be equal to 6% of her entire investment?

(A) $2,400 (B)$3,600

(C) $1,000 (D)$3,000

(E) $1,200 4. Percents and Iterest For more check: ALL YOU NEED FOR QUANT ! ! ! Ultimate GMAT Quantitative Megathread Hope it helps. _________________ Senior PS Moderator Joined: 26 Feb 2016 Posts: 3309 Location: India GPA: 3.12 Barbara invests$2,400 in the National Bank at 5%. How much additiona  [#permalink]

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05 Mar 2018, 22:40
1
Bunuel wrote:
Barbara invests $2,400 in the National Bank at 5%. How much additional money must she invest at 8% so that the total annual income will be equal to 6% of her entire investment? (A)$2,400

(B) $3,600 (C)$1,000

(D) $3,000 (E)$1,200

If the interest earned is represented as follows
5-----------8
------6------
2-----------1

the investment must be done in the ratio 2:1

Therefore, we would need to invest $1200(Option E) at a rate of 8% so that the total annual income is 6% Alternate approach Let x be the amount invested at 8% $$0.05*2400 + 0.08*x = 0.06(2400 + x)$$ -> $$120 + 0.08x = 144 + 0.06x$$ -> $$0.02x = 24$$ -> $$x = \frac{2400}{2} = 1200$$ _________________ You've got what it takes, but it will take everything you've got Director Joined: 21 May 2013 Posts: 653 Re: Barbara invests$2,400 in the National Bank at 5%. How much additiona  [#permalink]

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06 Mar 2018, 00:59
Bunuel wrote:
Barbara invests $2,400 in the National Bank at 5%. How much additional money must she invest at 8% so that the total annual income will be equal to 6% of her entire investment? (A)$2,400

(B) $3,600 (C)$1,000

(D) $3,000 (E)$1,200

We need to have the equation as follows.
Therefore, (6/100)*x+144=120+(8/100)*x
Solving for x, x=1200
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Posts: 2830
Re: Barbara invests $2,400 in the National Bank at 5%. How much additiona [#permalink] ### Show Tags 08 Mar 2018, 10:37 Bunuel wrote: Barbara invests$2,400 in the National Bank at 5%. How much additional money must she invest at 8% so that the total annual income will be equal to 6% of her entire investment?

(A) $2,400 (B)$3,600

(C) $1,000 (D)$3,000

(E) $1,200 We can let x = the amount of money invested at 8%, making her entire investment equal to (2,400 + x). We can create the following equation: 0.05(2,400) + 0.08x = 0.06(2,400 + x) 120 + 0.08x = 144 + 0.06x 0.02x = 24 2x = 2400 x = 1,200 Answer: E _________________ Jeffery Miller Head of GMAT Instruction GMAT Quant Self-Study Course 500+ lessons 3000+ practice problems 800+ HD solutions EMPOWERgmat Instructor Status: GMAT Assassin/Co-Founder Affiliations: EMPOWERgmat Joined: 19 Dec 2014 Posts: 12890 Location: United States (CA) GMAT 1: 800 Q51 V49 GRE 1: Q170 V170 Re: Barbara invests$2,400 in the National Bank at 5%. How much additiona  [#permalink]

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04 Oct 2018, 18:25
Hi All,

We're told that Barbara invests $2400 in the National Bank at 5%. We're asked how much additional money she must invest at 8% so that the TOTAL annual income will be equal to 6% of her TOTAL investment. This question can be solved in a couple of different ways, including by TESTing THE ANSWERS. To start, the$2400 invested at 5% would earn ($2400)(.05) =$120.

Since Barbara invested $2400 at 5%, IF she were to invest another$2400 at 7%, then the average return for the total investment would be exactly 6% (since the EQUAL investments at 5% and 7% would 'average out' to 6%. Here though, she's investing money at 8% - which means that she would NOT need $2400 invested there (she would need LESS than that, since the investment is at a higher rate). Thus, the answers are narrowed down to either$1000 or $1200. It's interesting that one of the two options is EXACTLY HALF of 2400.... Let's TEST Answer E =$1200
IF... $1200 were invested at 8%, then that investments would earn (1200)(.08) =$96
the total money invested would equal $2400 +$1200 = $3600 the total return on the investment would be$120 + $96 =$216

1% of $3600 =$36
6% of $3600 =$216
This is an exact match for what we were told, so this MUST be the answer.

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Rich
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Special Offer: Save $75 + GMAT Club Tests Free Official GMAT Exam Packs + 70 Pt. Improvement Guarantee www.empowergmat.com/ *****Select EMPOWERgmat Courses now include ALL 6 Official GMAC CATs!***** Re: Barbara invests$2,400 in the National Bank at 5%. How much additiona &nbs [#permalink] 04 Oct 2018, 18:25
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