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James deposited $1,000 each in two investment schemes X and Y. Scheme

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Senior Manager
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Joined: 18 Feb 2019
Posts: 386
Location: India
GMAT 1: 460 Q42 V13
GPA: 3.6
James deposited $1,000 each in two investment schemes X and Y. Scheme  [#permalink]

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New post 10 Apr 2019, 11:30
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Difficulty:

  45% (medium)

Question Stats:

70% (02:56) correct 30% (02:29) wrong based on 23 sessions

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James deposited $1,000 each in two investment schemes X and Y. Scheme X doubles the invested amount every 7 years and scheme Y doubles the invested amount every 14 years. If James withdraws $500 from scheme X at the end of every 7th year, how many years will it take for the total amount invested in schemes X and Y to amount more than $40,000?

A. 14
B. 28
C. 42
D. 56
E. 70
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Joined: 18 Oct 2018
Posts: 16
Re: James deposited $1,000 each in two investment schemes X and Y. Scheme  [#permalink]

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New post 11 Apr 2019, 15:16
kiran120680 wrote:
James deposited $1,000 each in two investment schemes X and Y. Scheme X doubles the invested amount every 7 years and scheme Y doubles the invested amount every 14 years. If James withdraws $500 from scheme X at the end of every 7th year, how many years will it take for the total amount invested in schemes X and Y to amount more than $40,000?

A. 14
B. 28
C. 42
D. 56
E. 70


No Algebra needed at all, just pattern recognition (way quicker too).
X after 7 years : 1,500
X after 14 years: 2,500 Y after 14 years: 2,000
X after 21 years: 4,500
X after 28 years: 8,500 Y after 28 years: 4,000
X after 35 years: 16,500
X after 42 years: 32,500 Y after 42 years: 8,000 ==> \(40,500\)

Answer C
GMAT Club Bot
Re: James deposited $1,000 each in two investment schemes X and Y. Scheme   [#permalink] 11 Apr 2019, 15:16
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James deposited $1,000 each in two investment schemes X and Y. Scheme

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