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# If money is invested at r percent per annum, will the money become at

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Intern
Status: The journey is always more beautiful than the destination
Affiliations: Computer Science
Joined: 24 Apr 2017
Posts: 42
Location: India
Concentration: Statistics, Strategy
GMAT 1: 570 Q40 V28
GPA: 3.14
If money is invested at r percent per annum, will the money become at [#permalink]

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07 Apr 2018, 02:47
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Difficulty:

45% (medium)

Question Stats:

59% (01:24) correct 41% (02:16) wrong based on 17 sessions

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If money is invested at r percent per annum, will the money become at least three times itself in 20/r years?

(1) The sum amounts to twice itself in twenty years at r% p a simple interest.
(2) The interest calculated at simple interest for one year is 1/50th part of the money invested.
[Reveal] Spoiler: OA

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Manager
Joined: 30 Mar 2017
Posts: 60
Re: If money is invested at r percent per annum, will the money become at [#permalink]

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07 Apr 2018, 13:01
Basically we need to find r.

Statement 1
Let's say we have initial investment, P, which doubles in 20 years. So interest earned is P.
$$P=P(\frac{r}{100})20$$
We can find r.
Sufficient

Statement 2
$$\frac{1}{50}P=P(\frac{r}{100})$$
We can find r.
Sufficient

Re: If money is invested at r percent per annum, will the money become at   [#permalink] 07 Apr 2018, 13:01
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