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beater GMAT Destroyer! Default Avatar
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Interest Post Wed Feb 18, 2009 12:23 pm
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  • Lap #[LAPCOUNT] ([LAPTIME])
    A total of $60,000 was invested for one year. Part of this amount earned simple annual interest at the rate of x percent per year, and the rest earned simple annual interest at the rate of y percent per year. If the total interest earned by the $60,000 for that year was $4,080, what is the value of x?
    (1) x = 3y/4
    (2) The ratio of the amount that earned interest at the rate of x percent per year to the amount that earned interest at the rate of y percent per year was 3 to 2

    C



    Last edited by beater on Wed Feb 18, 2009 9:42 pm; edited 1 time in total

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    Uri Really wants to Beat The GMAT!
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    Post Wed Feb 18, 2009 2:16 pm
    beater wrote:
    A total of $60,000 was invested for one year. Part of this amount earned simple annual interest at the rate of x percent per year, and the rest earned simple annual interest at the rate of y percent per year. If the total interest earned by the $60,000 for that year was $4,080, what is the value of x?
    (1) x = 3y/4
    (2) The ratio of the amount that earned interest at the rate of x percent per year to the amount that earned interest at the rate of y percent per year was 3 to

    Please specify the ratio and OA
    it seems that the answer will be (C)
    from each of the two statements, we get an equation involving 2 variables (after some simplifications). combining the equations will give us the solution.



    Last edited by Uri on Wed Feb 18, 2009 2:50 pm; edited 2 times in total

    earth@work Really wants to Beat The GMAT!
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    Post Wed Feb 18, 2009 2:17 pm
    IMO C
    Let P be the amount with x% rate of intrest - from given conditions we get (PX+(60000-P)Y)/100=4080 i.e eqn in 3 variables

    (1) x = 3y/4 ...this gives us the relation between the ratios and nothing about P...insuff

    (2) The ratio of the amount that earned interest at the rate of x percent per year to the amount that earned interest at the rate of y percent per year was 3 to ? (the ratio is missing in the question but that should not make a difference to answer!)
    Now this ratio gives the value of P but again we do not know anything abt x & y.... insuff
    combining (1) & (2) we can get value of x

    Thanked by: beater, mmslf75
    mmslf75 GMAT Destroyer! Default Avatar
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    Post Thu Dec 31, 2009 10:35 am
    earth@work wrote:
    IMO C
    Let P be the amount with x% rate of intrest - from given conditions we get (PX+(60000-P)Y)/100=4080 i.e eqn in 3 variables

    (1) x = 3y/4 ...this gives us the relation between the ratios and nothing about P...insuff

    (2) The ratio of the amount that earned interest at the rate of x percent per year to the amount that earned interest at the rate of y percent per year was 3 to ? (the ratio is missing in the question but that should not make a difference to answer!)
    Now this ratio gives the value of P but again we do not know anything abt x & y.... insuff
    combining (1) & (2) we can get value of x
    Perfect!!

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