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15 Oct 2006, 13:45
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B
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
55%
(hard)
Question Stats:
73% (02:35) correct
27%
(03:09)
wrong
based on 1788
sessions
History
Date
Time
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Not Attempted Yet
If x dollars is invested at 10 percent for one year and y dollars is invested at 8 percent for one year, the annual income from the 10 percent investment will exceed the annual income from the 8 percent investment by $56. If $2,000 is the total amount invested, how much is invested at 8 percent?
(A) $280
(B) $800
(C) $892
(D) $1,108
(E) $1,200
(A) $280
(B) $800
(C) $892
(D) $1,108
(E) $1,200
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01 Oct 2015, 16:21
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Hi All,
While this is an old prompt, it can be solved by TESTing THE ANSWERS.
We're given a number of facts to work with:
1) $2,000 is invested in 2 different accounts.
2) The accounts pay 10% and 8% annual interest (calculated annually, for lack of any additional info)
3) After 1 year, the 10% account will generate $56 MORE than the 8% account.
We're asked for the amount of money invested in the 8% account.
To start, we can do a simple, hypothetical calculation. If we invested $1,000 in each account....
10% of $1,000 = $100
8% of $1,000 = $80
....then the difference would be $20. This is TOO SMALL (it's supposed to be $56), thus MORE than $1,000 is invested at 10% and LESS is invested at 8%. Eliminate Answers D and E.
Among the 3 remaining Answers, let's TEST Answer B: $800
IF....$800 is invested in the 8% account....
10% of $1200 = $120
8% of $800 = $64
...then the difference would be $56, which is an exact MATCH for what we were told. So this MUST be the answer.
Final Answer:
GMAT assassins aren't born, they're made,
Rich
While this is an old prompt, it can be solved by TESTing THE ANSWERS.
We're given a number of facts to work with:
1) $2,000 is invested in 2 different accounts.
2) The accounts pay 10% and 8% annual interest (calculated annually, for lack of any additional info)
3) After 1 year, the 10% account will generate $56 MORE than the 8% account.
We're asked for the amount of money invested in the 8% account.
To start, we can do a simple, hypothetical calculation. If we invested $1,000 in each account....
10% of $1,000 = $100
8% of $1,000 = $80
....then the difference would be $20. This is TOO SMALL (it's supposed to be $56), thus MORE than $1,000 is invested at 10% and LESS is invested at 8%. Eliminate Answers D and E.
Among the 3 remaining Answers, let's TEST Answer B: $800
IF....$800 is invested in the 8% account....
10% of $1200 = $120
8% of $800 = $64
...then the difference would be $56, which is an exact MATCH for what we were told. So this MUST be the answer.
Final Answer:
GMAT assassins aren't born, they're made,
Rich
28 Jul 2018, 06:29
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AdityaHongunti
Aditya two ways ..
1) 8% would require at least two 0s to ensure that the difference is an integer
Otherwise say amount is 780...8% will result in a decimal
So answer will be 800, 1000 or 1200..
If it is 1000 each.. difference is 100 for 10% and 80 for 8%, so 100-80=20
But we want 56>20
So if you want to increase the difference, the greater should increase and smaller decrease, so only possible value 800
Otherwise
1) 56 has a units digit of 6 which is 10-4..
So 8*z should have units digit as 4.. 8*800 /100 will give 4 as units digit
