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29 Dec 2014, 05:28
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D
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Difficulty:
35%
(medium)
Question Stats:
69% (01:37) correct
31%
(01:47)
wrong
based on 142
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José deposited a total of $ 10,000 into two interest-bearing accounts at the beginning of the year. One account earned 8 percent interest in the year, and the other account earned 10 percent interest in the year. How much did he deposit into the account that earned 10 percent interest?
(1) The total amount of interst earned in the year in the two accounts was $870.
(2) The amount invested into the account that earned 10 percent was $ 3000 less than the amount invested into the account that earned 8 percent.
Thank you!
(1) The total amount of interst earned in the year in the two accounts was $870.
(2) The amount invested into the account that earned 10 percent was $ 3000 less than the amount invested into the account that earned 8 percent.
Thank you!
29 Dec 2014, 05:49
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From the stem we know that 10,000$ have been invested into two accounts, one of which earned 8% interest, one of them earned 10% interest. Since we are told the result after one year (earned 8 percent in the year), the type of interest (compounded quarterly or annually, etc.) is irrelevant. What we don't know is how much of the 10k$ have been invested in the 8%-account, and how much have been invested in the 10%-account.
Statement 1: We are told that the total interest is $870, so we can easily calculate:
\($870=($10,000 - X)*1.08 + X* 1.1\)
Where X is the amount invested in the 10%-account. We can resolve for X have the result.
Statement 2: This one is even easier:
\(X=\frac{($10,000-$3,000)}{2}\).
Both statements are sufficient. Answer D.
Statement 1: We are told that the total interest is $870, so we can easily calculate:
\($870=($10,000 - X)*1.08 + X* 1.1\)
Where X is the amount invested in the 10%-account. We can resolve for X have the result.
Statement 2: This one is even easier:
\(X=\frac{($10,000-$3,000)}{2}\).
Both statements are sufficient. Answer D.
29 Dec 2014, 05:53
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gmatmania17
Let the amount invested in the account that earned 10% interest =x ,and the amount invested in other account =y
thus we have x+y=10,000----------------1)
st.1 ) 1.1x+1.08y =10,870-------------2)
we can use 1 and 2 to calculate the value of x. hence st.1 alone is sufficient
st.2) x=y-3000----------3)
we can use 1 and 3 to calculate the value of x. hence st.2 alone is sufficient.
