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A
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
45%
(medium)
Question Stats:
61% (01:36) correct
39%
(02:01)
wrong
based on 126
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Mitchell intends to deposit for a year, $10,000 in a savings account in either LeMarche Brothers Bank or Orion Bank. The rate of interest offered by LeMarche Brothers Bank is x percent per year, and the rate of interest offered by Orion Bank is y percent per year. If x > y, how much more interest will Mitchell earn if he saves his money with LeMarche Brothers Bank rather than with Orion Bank?
(1) x = y + 1.5
(2) x = 1.5y
(1) x = y + 1.5
(2) x = 1.5y
31 Dec 2025, 03:39
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ExpertsGlobal5
Mitchelle intends to deposit $10,000 in either LeMarche Brothers Bank or Orion Bank.
The interest rate offered by LeMarche Brothers Bank = x%. So, the interest earned = (x%)*10,000 = 100x.
The interest rate offered by Orion Bank = y%. So, the interest earned = (y%)*10,000 = 100y.
Difference in interest accrued (x>y) = 100x - 100y = 100*(x-y).
We need to find: 100*(x-y)
Statement 1:
x = y + 1.5
x-y = 1.5
Hence, 100*(x-y) = 100*1.5 = $150.
Sufficient.
Statement 2:
(2) x = 1.5y
100 (x-y) = 100*(1.5y - y) = 100*.5*y = 50y
Without knowing the exact value of y, we cannot ascertain 50y.
Moreover x : y = 3:2 = 3k: 2k. And, K can assume any values : 1,2,3,4..... so on.
Insufficient.
Option A
04 Jan 2026, 15:00
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ExpertsGlobal5
Explanation:
Principal Amount = 10,000
Duration of investment = 1 year
Interest earned = (Principal Amount) x (Interest rate) x (Duration of Investment)
Interest earned from LeMarch Brothers Bank = (10,000) x (x/100) x (1) = 100x.
Interest earned from Orion Bank = (10,000) x (y/100) x (1) = 100y.
Difference in the interest amounts = 100x – 100y = 100(x – y)
We need to find whether the value of 100(x – y) can be determined.
Statement (1)
x = y + 1.5
Difference in the interest amounts = 100(x – y) = 100(y + 1.5 – y) = 100(1.5)
It is possible to determine the value of 100(x – y). Hence, Statement (1) is sufficient.
Statement (2)
x = 1.5y
Difference in the interest amounts = 100(x – y) = 100(1.5y – y) = 100(0.5y)
Since the value of y is unknown, it is NOT possible to determine the value of 100(x – y). Hence, Statement (2) is insufficient.
A is the correct answer choice.
