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

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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]

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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

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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.

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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]

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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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