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Peter invests a sum of money and gets back an amount of $ 815 in 3 yea

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Joined: 06 Aug 2015
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Kudos [?]: 18 [1], given: 63

Concentration: General Management, Entrepreneurship
GMAT Date: 10-30-2016
GPA: 3.34
WE: Programming (Consulting)
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Peter invests a sum of money and gets back an amount of $ 815 in 3 yea [#permalink]

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New post 18 Jul 2016, 00:13
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Peter invests a sum of money and gets back an amount of $ 815 in 3 years . David invests an equal amount of money and gets an amount of $854 in 4 years. If both amounts were invested at the same rate (simple interest ) What was the sum of money invested ?
A. 670
B. 664
C. 698
D. 744
E. 700
[Reveal] Spoiler: OA

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Re: Peter invests a sum of money and gets back an amount of $ 815 in 3 yea [#permalink]

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New post 18 Jul 2016, 00:23
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Since both Peter and David invested the same amount of money at the same rate, they would earn same interest per year.

David invested for one year more than Peter and hence he got interest amount for one more year.

Interest earned per year = Amount received by David - Amount received by Peter = 854 - 815 = 39

Interest earned for 3 years = 39*3 = 117

Amount invested = 815 - 117 = 698

Answer: C

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Re: Peter invests a sum of money and gets back an amount of $ 815 in 3 yea [#permalink]

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New post 14 Oct 2017, 07:15
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Kudos [?]: 283 [0], given: 0

Re: Peter invests a sum of money and gets back an amount of $ 815 in 3 yea   [#permalink] 14 Oct 2017, 07:15
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