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

It is currently 20 Nov 2018, 22:35

Close

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
Your Progress

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.

Close

Request Expert Reply

Confirm Cancel
Events & Promotions in November
PrevNext
SuMoTuWeThFrSa
28293031123
45678910
11121314151617
18192021222324
2526272829301
Open Detailed Calendar
  • All GMAT Club Tests are Free and open on November 22nd in celebration of Thanksgiving Day!

     November 22, 2018

     November 22, 2018

     10:00 PM PST

     11:00 PM PST

    Mark your calendars - All GMAT Club Tests are free and open November 22nd to celebrate Thanksgiving Day! Access will be available from 0:01 AM to 11:59 PM, Pacific Time (USA)
  • Free lesson on number properties

     November 23, 2018

     November 23, 2018

     10:00 PM PST

     11:00 PM PST

    Practice the one most important Quant section - Integer properties, and rapidly improve your skills.

If x dollars is invested at 10 percent for one year and y dollars is

  new topic post reply Question banks Downloads My Bookmarks Reviews Important topics  
Author Message
TAGS:

Hide Tags

Manager
Manager
User avatar
Status: Current MBA Student
Joined: 19 Nov 2009
Posts: 100
Concentration: Finance, General Management
GMAT 1: 720 Q49 V40
If x dollars is invested at 10 percent for one year and y dollars is  [#permalink]

Show Tags

New post 17 May 2011, 08:33
3
00:00
A
B
C
D
E

Difficulty:

  45% (medium)

Question Stats:

70% (02:32) correct 30% (02:33) wrong based on 93 sessions

HideShow timer Statistics

If x dollars is invested at 10 percent for one year and y dollars is invested at 8 percent for one year, the annual income from the 10 percent investment will exceed the annual income from the 8 percent investment by $56. If $2,000 is the total amount invested, how much is invested at 8 percent?

a. $280
b. $800
c. $892
d. $1108
e. $1200
Senior Manager
Senior Manager
avatar
Joined: 24 Mar 2011
Posts: 367
Location: Texas
Re: If x dollars is invested at 10 percent for one year and y dollars is  [#permalink]

Show Tags

New post 17 May 2011, 08:41
3
2 equations with 2 unknowns

10x / 100 - 8y / 100 = 56

and

x + y = 2000

Solving these 2 equations, x = 1200 and y = 800

Answer B.
VP
VP
avatar
Status: There is always something new !!
Affiliations: PMI,QAI Global,eXampleCG
Joined: 08 May 2009
Posts: 1040
Re: If x dollars is invested at 10 percent for one year and y dollars is  [#permalink]

Show Tags

New post 17 May 2011, 09:29
annual income = principal + interest

for x @ 10% x + 10/100 * x = 1.1 x
for y @ 8% y + 8/100 * y = 1.08y

x+y = 2000

1.1x - 1.08y = 56
1.1 (2000-y) - 1.08y = 56
2200-1.1y-1.08y = 56
2.08y = 2144

y= 2144/2.18 = 983.46

so the question stem must say the annual interest difference rather than annual income difference.
Director
Director
avatar
Status: Impossible is not a fact. It's an opinion. It's a dare. Impossible is nothing.
Affiliations: University of Chicago Booth School of Business
Joined: 03 Feb 2011
Posts: 746
Reviews Badge
Re: If x dollars is invested at 10 percent for one year and y dollars is  [#permalink]

Show Tags

New post 18 May 2011, 20:11
Lucky twins -the answer is B or E ;-)
Target Test Prep Representative
User avatar
G
Status: Head GMAT Instructor
Affiliations: Target Test Prep
Joined: 04 Mar 2011
Posts: 2830
Re: If x dollars is invested at 10 percent for one year and y dollars is  [#permalink]

Show Tags

New post 13 Jun 2017, 11:12
1
tonebeeze wrote:
If x dollars is invested at 10 percent for one year and y dollars is invested at 8 percent for one year, the annual income from the 10 percent investment will exceed the annual income from the 8 percent investment by $56. If $2,000 is the total amount invested, how much is invested at 8 percent?

a. $280
b. $800
c. $892
d. $1108
e. $1200


We are given that x = the number of dollars invested at 10% and y = the number of dollars invested at 8%. We are also given that the total amount invested is $2000, and thus we have x + y = 2000 or x = 2000 - y. Finally, we are given that the annual income from the 10% investment exceeds the annual income from the 8% investment by $56, so we can create the following equation to determine the value of y:

0.10x = 0.08y + 56

0.10(2000 - y) = 0.08y + 56

200 - 0.10y = 0.08y + 56

144 = 0.18y

14400 = 18y

y = 14400/18 = 800

Answer: B
_________________

Jeffery Miller
Head of GMAT Instruction

GMAT Quant Self-Study Course
500+ lessons 3000+ practice problems 800+ HD solutions

Senior Manager
Senior Manager
User avatar
G
Joined: 20 Sep 2016
Posts: 459
GMAT ToolKit User CAT Tests
Re: If x dollars is invested at 10 percent for one year and y dollars is  [#permalink]

Show Tags

New post 28 Jul 2018, 03:27
everyone above has mentioned the conventional method. Which almost takes 2 mins. if anyone could suggest an approach for easy POE. Bunuel chetan2u sayantanc2k
Math Expert
User avatar
V
Joined: 02 Aug 2009
Posts: 7041
Re: If x dollars is invested at 10 percent for one year and y dollars is  [#permalink]

Show Tags

New post 28 Jul 2018, 05:29
AdityaHongunti wrote:
everyone above has mentioned the conventional method. Which almost takes 2 mins. if anyone could suggest an approach for easy POE. Bunuel chetan2u sayantanc2k



Aditya two ways ..
1) 8% would require at least two 0s to ensure that the difference is an integer
Otherwise say amount is 780...8% will result in a decimal
So answer will be 800, 1000 or 1200..
If it is 1000 each.. difference is 100 for 10% and 80 for 8%, so 100-80=20
But we want 56>20
So if you want to increase the difference, the greater should increase and smaller decrease, so only possible value 800

Otherwise
1) 56 has a units digit of 6 which is 10-4..
So 8*z should have units digit as 4.. 8*800 /100 will give 4 as units digit
_________________

1) Absolute modulus : http://gmatclub.com/forum/absolute-modulus-a-better-understanding-210849.html#p1622372
2)Combination of similar and dissimilar things : http://gmatclub.com/forum/topic215915.html
3) effects of arithmetic operations : https://gmatclub.com/forum/effects-of-arithmetic-operations-on-fractions-269413.html


GMAT online Tutor

GMAT Club Bot
Re: If x dollars is invested at 10 percent for one year and y dollars is &nbs [#permalink] 28 Jul 2018, 05:29
Display posts from previous: Sort by

If x dollars is invested at 10 percent for one year and y dollars is

  new topic post reply Question banks Downloads My Bookmarks Reviews Important topics  


Copyright

GMAT Club MBA Forum Home| About| Terms and Conditions and Privacy Policy| GMAT Club Rules| Contact| Sitemap

Powered by phpBB © phpBB Group | Emoji artwork provided by EmojiOne

Kindly note that the GMAT® test is a registered trademark of the Graduate Management Admission Council®, and this site has neither been reviewed nor endorsed by GMAC®.