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

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Concentration: Statistics, Strategy
GMAT 1: 570 Q40 V28
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If money is invested at r percent per annum, will the money become at  [#permalink]

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New post 07 Apr 2018, 01:47
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Difficulty:

  45% (medium)

Question Stats:

58% (01:41) correct 42% (02:16) wrong based on 31 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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Re: If money is invested at r percent per annum, will the money become at  [#permalink]

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New post 07 Apr 2018, 12:01
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

Answer: D
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Re: If money is invested at r percent per annum, will the money become at &nbs [#permalink] 07 Apr 2018, 12:01
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