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19 Oct 2017, 11:28
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Difficulty:

45% (medium)

Question Stats:

71% (01:41) correct 29% (01:57) wrong based on 49 sessions

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Daniel invested a total of $10,000 for a period of one year. Part of the money he put into an investment that earned 6 percent simple interest, and the rest of the money into an investment that earned 8 percent simple interest. How much money did he put into the investment that earned 6 percent? (1) The total interest earned on the$10,000 for the year was $640. (2) The dollar value of the investment that earned 6 percent was four times the dollar value of the investment that earned 8 percent. _________________ Official PS Practice Questions Press +1 Kudos if this post is helpful PS Forum Moderator Joined: 25 Feb 2013 Posts: 1216 Location: India GPA: 3.82 Re: Daniel invested a total of$10,000 for a period of one year. Part of t  [#permalink]

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19 Oct 2017, 12:50
Daniel invested a total of $10,000 for a period of one year. Part of the money he put into an investment that earned 6 percent simple interest, and the rest of the money into an investment that earned 8 percent simple interest. How much money did he put into the investment that earned 6 percent? (1) The total interest earned on the$10,000 for the year was $640. (2) The dollar value of the investment that earned 6 percent was four times the dollar value of the investment that earned 8 percent. Let the investment that earned 6% be $$x$$, hence investment that earned 8%$$=10000-x$$ Statement 1: implies $$\frac{x*6*1}{100}+\frac{(1000-x)*8*1}{100}=640$$. One variable and one equation can be solved. Hence Sufficient Statement 2: implies $$x=4*(10000-x)$$. Again One variable and one equation can be solved. Hence Sufficient Option D Re: Daniel invested a total of$10,000 for a period of one year. Part of t &nbs [#permalink] 19 Oct 2017, 12:50
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