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

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

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New post 17 Jun 2019, 01:17
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  35% (medium)

Question Stats:

71% (02:18) correct 29% (03:50) wrong based on 24 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
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Re: Peter invests a sum of money and gets back an amount of $815 in 3 year  [#permalink]

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New post 17 Jun 2019, 02:49
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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Re: Peter invests a sum of money and gets back an amount of $815 in 3 year  [#permalink]

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New post 17 Jun 2019, 10:05
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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Re: Peter invests a sum of money and gets back an amount of $815 in 3 year  [#permalink]

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New post 07 Aug 2019, 13:43
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

Answer (C).
GMAT Club Bot
Re: Peter invests a sum of money and gets back an amount of $815 in 3 year   [#permalink] 07 Aug 2019, 13:43
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Peter invests a sum of money and gets back an amount of $815 in 3 year

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