GMAT Question of the Day - Daily to your Mailbox; hard ones only

 It is currently 23 May 2019, 10:41

### GMAT Club Daily Prep

#### Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.

Customized
for You

we will pick new questions that match your level based on your Timer History

Track

every week, we’ll send you an estimated GMAT score based on your performance

Practice
Pays

we will pick new questions that match your level based on your Timer History

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

Author Message
TAGS:

### Hide Tags

Manager
Status: The journey is always more beautiful than the destination
Affiliations: Computer Science
Joined: 24 Apr 2017
Posts: 53
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]

### Show Tags

07 Apr 2018, 02:47
1
00:00

Difficulty:

55% (hard)

Question Stats:

56% (01:47) correct 44% (02:18) wrong based on 34 sessions

### HideShow timer Statistics

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.

_________________
Sky is the limit. 800 is the limit.
Manager
Joined: 30 Mar 2017
Posts: 132
GMAT 1: 200 Q1 V1
Re: If money is invested at r percent per annum, will the money become at  [#permalink]

### Show Tags

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
Display posts from previous: Sort by