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# Peter invests a sum of money and gets back an amount of \$815 in 3 year

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Math Expert
Joined: 02 Sep 2009
Posts: 64091
Peter invests a sum of money and gets back an amount of \$815 in 3 year  [#permalink]

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17 Jun 2019, 00:17
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Difficulty:

45% (medium)

Question Stats:

70% (02:32) correct 30% (03:32) wrong based on 33 sessions

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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

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Joined: 22 Nov 2018
Posts: 502
Location: India
GMAT 1: 640 Q45 V35
GMAT 2: 740 Q49 V41
Re: Peter invests a sum of money and gets back an amount of \$815 in 3 year  [#permalink]

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17 Jun 2019, 01:49
Bunuel wrote:
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

P+3*Interest=815
P+4*Interest=854

So interest = 39. P+3*39=815;P=815-117=698 IMO C
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Joined: 20 Jul 2017
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Location: India
Concentration: Entrepreneurship, Marketing
WE: Education (Education)
Re: Peter invests a sum of money and gets back an amount of \$815 in 3 year  [#permalink]

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17 Jun 2019, 09:05
Bunuel wrote:
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

Let the amount invested = p \$
Amount of Peter in 3 years = p(1 + 3*r/100) = 815
--> p + 3pr/100 = 815 ...... (1)
Amount of David in 4 years = 0(1 + 4*r/100) = 854
--> p + 4pr/100 = 854 ...... (2)

(2) - (1) gives
--> pr/100 = 854 - 815 = 39

Substitute the value in (1)
--> p + 3*39 = 815
--> p = 815 - 117 = 698 \$

IMO Option C

Pls Hit Kudos if you like the solution
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Joined: 24 Nov 2016
Posts: 1545
Location: United States
Re: Peter invests a sum of money and gets back an amount of \$815 in 3 year  [#permalink]

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07 Aug 2019, 12:43
Bunuel wrote:
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

simple interest: amount=principal+(principal)(interest)(years)
given: 815=p+pi3 and 854=p+pi4
equate: pi=39
substitute: 815=p+(39)(3),…p=698

Re: Peter invests a sum of money and gets back an amount of \$815 in 3 year   [#permalink] 07 Aug 2019, 12:43