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Larry has 14000 dollars to make two one-year investments, one of which

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Afroditee
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Larry has 14000 dollars to make two one-year investments, one of which [#permalink] New post   10 Oct 2022, 10:53
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Larry has 14000 dollars to make two one-year investments, one of which has a simple annual interest rate of 6%, and the other has 3%. The interest of the two investment is the same. How much money is invested in the 6% investment?

A.4666.67

B.4560.12

C.6666

D.6667

E.6668
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A
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Re: Larry has 14000 dollars to make two one-year investments, one of which [#permalink] New post   10 Oct 2022, 18:10
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As interest amount in both investments is the same but interest rate of one investment is double than the other, investment amount for the double interest rate investment will be half.

So, amount invested in 6% investment=14000/3=4666.67

Hence, answer is A.
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Re: Larry has 14000 dollars to make two one-year investments, one of which [#permalink] New post   11 Oct 2022, 08:40
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Given: Larry has 14000 dollars to make two one-year investments, one of which has a simple annual interest rate of 6%, and the other has 3%. The interest of the two investment is the same.

Asked: How much money is invested in the 6% investment?

Let the money invested in the 6% investment be x

x*6% = (14000-x)*3%
2x = 14000-x
x = 14000/3 = 4666.67

IMO A
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Re: Larry has 14000 dollars to make two one-year investments, one of which [#permalink] New post   11 Oct 2022, 10:32
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solve it
(14000-x) * 6*1 = 3x
x = 93333
6% amount ; 14000-9333 ; 4666
option A

Afroditee wrote:
Larry has 14000 dollars to make two one-year investments, one of which has a simple annual interest rate of 6%, and the other has 3%. The interest of the two investment is the same. How much money is invested in the 6% investment?

A.4666.67

B.4560.12

C.6666

D.6667

E.6668
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Larry has 14000 dollars to make two one-year investments, one of which [#permalink] New post   12 Oct 2022, 06:42
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Let the first amount invested be x,
let the second amount invested be 14000-x.

Therefore, as we know the interest is the same for the amounts despite being invested at different interest rates.

\(\frac{x*6*1}{100}\) = \(\frac{14000-x*3*1}{100}\)

On further solving, x is 4666.67

The OA is A.
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Re: Larry has 14000 dollars to make two one-year investments, one of which [#permalink] New post   14 Dec 2023, 05:22
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Re: Larry has 14000 dollars to make two one-year investments, one of which [#permalink]
14 Dec 2023, 05:22
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