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If $10,000 invested for one year at x percent simple annual interest yields $600 in interest, what amount must be invested at y percent simple annual interest for one year to yield the same number of dollars in interest?
(1) y = 3
(2) y = 0.5x
(1) y = 3
(2) y = 0.5x
16 Feb 2024, 11:40
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If $10,000 invested for one year at x percent simple annual interest yields $600 in interest, what amount must be invested at y percent simple annual interest for one year to yield the same number of dollars in interest?
For simple annual interest rate r, we know the following:
Dollars in Interest = Dollars Invested × r/100
So, from the stem, we have the following:
600 = 10,000 × x/100
600 = Dollars Invested × y/100
(1) y = 3
If, we know that y = 3, then we can solve 600 = Dollars Invested × y/100 for Dollars Invested.
Sufficient.
(2) y = 0.5x
From the stem we know the following:
600 = 10,000 × x/100
We can use that information to find x = 6.
Then, using the information provided by this statement, we can find y = 3.
We already know from our analysis of statement (1) the y = 3 is sufficient.
Sufficient.
Correct answer:
For simple annual interest rate r, we know the following:
Dollars in Interest = Dollars Invested × r/100
So, from the stem, we have the following:
600 = 10,000 × x/100
600 = Dollars Invested × y/100
(1) y = 3
If, we know that y = 3, then we can solve 600 = Dollars Invested × y/100 for Dollars Invested.
Sufficient.
(2) y = 0.5x
From the stem we know the following:
600 = 10,000 × x/100
We can use that information to find x = 6.
Then, using the information provided by this statement, we can find y = 3.
We already know from our analysis of statement (1) the y = 3 is sufficient.
Sufficient.
Correct answer:
16 Feb 2024, 17:04
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If $10,000 invested for one year at x percent simple annual interest yields $600 in interest, what amount must be invested at y percent simple annual interest for one year to yield the same number of dollars in interest?
(1) y = 3
(2) y = 0.5x
We can figure out x is equal to 6% pretty quickly. 1 percent of $10,000 is $100. 6 percent would therefore be $600.
We're asked to find what amount of MONEY needs to be invested at Y% to get $600 after a year.
Statement (1) This is enough. (Money)(Interest rate)= (Interest). If you know two of the three brackets, you can figure out the one you don't. (Money)(3/100)=600. You don't need to solve this to know it's POSSIBLE to do and therefore sufficient.
Statement (2). This is also enough. In a sense, you can think of this as a TWIN of the first statement because it gives you the same information. It tells you that Y is equal to 3%. (We already know X is equal to 6%)
(D) is your answer.
(1) y = 3
(2) y = 0.5x
We can figure out x is equal to 6% pretty quickly. 1 percent of $10,000 is $100. 6 percent would therefore be $600.
We're asked to find what amount of MONEY needs to be invested at Y% to get $600 after a year.
Statement (1) This is enough. (Money)(Interest rate)= (Interest). If you know two of the three brackets, you can figure out the one you don't. (Money)(3/100)=600. You don't need to solve this to know it's POSSIBLE to do and therefore sufficient.
Statement (2). This is also enough. In a sense, you can think of this as a TWIN of the first statement because it gives you the same information. It tells you that Y is equal to 3%. (We already know X is equal to 6%)
(D) is your answer.
