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# James deposited $1,000 each in two investment schemes X and Y. Scheme  new topic post reply Question banks Downloads My Bookmarks Reviews Important topics Author Message Senior Manager 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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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 Intern 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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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 Re: James deposited$1,000 each in two investment schemes X and Y. Scheme   [#permalink] 11 Apr 2019, 15:16
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