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

 It is currently 13 Dec 2019, 13:57 ### 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

#### Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.  # If x dollars are placed in a savings account that earns y% annual inte

Author Message
TAGS:

### Hide Tags

Math Expert V
Joined: 02 Sep 2009
Posts: 59721
If x dollars are placed in a savings account that earns y% annual inte  [#permalink]

### Show Tags 00:00

Difficulty:   55% (hard)

Question Stats: 57% (01:53) correct 43% (01:39) wrong based on 54 sessions

### HideShow timer Statistics

If x dollars are placed in a savings account that earns y% annual interest compounded quarterly. What is the balance at the end of the year?

(1) If the x dollars had been in the account for 1 year longer, the amount earned in interest would have been $60 greater. (2) If 2x dollars had been in the account for 18 months, the interest would have been$75 greater.

Are You Up For the Challenge: 700 Level Questions

_________________
VP  V
Joined: 19 Oct 2018
Posts: 1174
Location: India
Re: If x dollars are placed in a savings account that earns y% annual inte  [#permalink]

### Show Tags

1
Let P is the balance at the end of the year

$$P= x(1+\frac{y}{400})^4$$

We need to figure out both x and y in order to figure out balance at the end of the year.

Statement 1-

$$x(1+\frac{y}{400})^8- x(1+\frac{y}{400})^4= 60$$

we have 2 variables and 1 equation

Insufficient

Statement 2-

$$2x(1+\frac{y}{400})^{18/4}- x(1+\frac{y}{400})^4= 75$$

we have 2 variables and 1 equation

Insufficient

Combining 2 statements, we have 2 variables and 2 equations; hence, we can figure out x and y.

Sufficient

Bunuel wrote:
If x dollars are placed in a savings account that earns y% annual interest compounded quarterly. What is the balance at the end of the year?

(1) If the x dollars had been in the account for 1 year longer, the amount earned in interest would have been $60 greater. (2) If 2x dollars had been in the account for 18 months, the interest would have been$75 greater.

Are You Up For the Challenge: 700 Level Questions Re: If x dollars are placed in a savings account that earns y% annual inte   [#permalink] 02 Dec 2019, 11:47
Display posts from previous: Sort by

# If x dollars are placed in a savings account that earns y% annual inte  