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On a certain date, Hannah invested $5,000 at x percent

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jjjinapinch Senior | Next Rank: 100 Posts Default Avatar
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On a certain date, Hannah invested $5,000 at x percent

Post Mon Jul 31, 2017 6:43 am
On a certain date, Hannah invested $5,000 at x percent simple annual interest and a different amount at y percent simple annual interest. What amount did Hannah invest at y percent simple annual interest?
(1) The total amount of interest earned by Hannah's two investments in one year was $900.
(2) Hannah invested the $5,000 at 6 percent simple annual interest.

Official Guide question
Answer: E

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Post Mon Jul 31, 2017 9:28 pm
jjjinapinch wrote:
On a certain date, Hannah invested $5,000 at x percent simple annual interest and a different amount at y percent simple annual interest. What amount did Hannah invest at y percent simple annual interest?
(1) The total amount of interest earned by Hannah's two investments in one year was $900.
(2) Hannah invested the $5,000 at 6 percent simple annual interest.

Official Guide question
Answer: E
We have:

$5000 invested @ the rate of x%, and a different sum, say $P invested @ the rate of y%.

We have to find out the value of P.

Statement 1: The total amount of interest earned by Hannah's two investments in one year was $900.

=> [(5000*x*1)/100 + (P*y*1)/100] = 900

There are three variables, we cannot get the value of P. Insufficient.

Statement 2: Hannah invested the $5,000 at 6 percent simple annual interest.

Clearly insufficient as this gives the value of x = 6%, but we cannot get the value of P. Insufficient.

Statement 1 & 2 combined:

From (1), we have

[(5000*x*1)/100 + (P*y*1)/100] = 900

Plugging-in the value of x = 6 from (2) cannot get us the unique value of P. Insufficient.

The correct answer: E

Hope this helps!

Download free ebook: Manhattan Review GMAT Quantitative Question Bank Guide

-Jay
_________________
Manhattan Review GMAT Prep

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Post Wed Aug 09, 2017 11:25 am
jjjinapinch wrote:
On a certain date, Hannah invested $5,000 at x percent simple annual interest and a different amount at y percent simple annual interest. What amount did Hannah invest at y percent simple annual interest?
(1) The total amount of interest earned by Hannah's two investments in one year was $900.
(2) Hannah invested the $5,000 at 6 percent simple annual interest.

Official Guide question
Answer: E
We are given that Hannah invested $5,000 at x percent simple annual interest and invested another amount at y percent simple annual interest. We need to determine the amount that she invested at y percent simple annual interest. We can let this amount be n.

Statement One Alone:

The total amount of interest earned by Hannah’s two investments in one year was $900.

Using statement one, we can set up the following equation:

5,000(x/100) + n(y/100) = 900

Multiplying the entire equation by 100, we have:

5,000x + ny = 90,000

Since we do not know the value of x or y, we cannot determine the value of n, and thus statement one alone is not sufficient to answer the question.

Statement Two Alone:

Hannah invested the $5,000 at 6 percent simple annual interest.

From statement two, we know that x is 6, and thus we can determine how much interest Hannah made from her investment at x percent interest.

5,000 x 6/100 = $300

However, we still do not know how much money was invested at y percent simple annual interest. Statement two alone is not sufficient to answer the question. We can eliminate answer choice B.

Statements One and Two Together:

From both statements, we have the following equation:

300 + n(y/100) = 900

Since we do not know the value of y, we still cannot determine a value for n.

Answer: E

_________________
Jeffrey Miller Head of GMAT Instruction

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Post Mon Jul 31, 2017 9:28 pm
jjjinapinch wrote:
On a certain date, Hannah invested $5,000 at x percent simple annual interest and a different amount at y percent simple annual interest. What amount did Hannah invest at y percent simple annual interest?
(1) The total amount of interest earned by Hannah's two investments in one year was $900.
(2) Hannah invested the $5,000 at 6 percent simple annual interest.

Official Guide question
Answer: E
We have:

$5000 invested @ the rate of x%, and a different sum, say $P invested @ the rate of y%.

We have to find out the value of P.

Statement 1: The total amount of interest earned by Hannah's two investments in one year was $900.

=> [(5000*x*1)/100 + (P*y*1)/100] = 900

There are three variables, we cannot get the value of P. Insufficient.

Statement 2: Hannah invested the $5,000 at 6 percent simple annual interest.

Clearly insufficient as this gives the value of x = 6%, but we cannot get the value of P. Insufficient.

Statement 1 & 2 combined:

From (1), we have

[(5000*x*1)/100 + (P*y*1)/100] = 900

Plugging-in the value of x = 6 from (2) cannot get us the unique value of P. Insufficient.

The correct answer: E

Hope this helps!

Download free ebook: Manhattan Review GMAT Quantitative Question Bank Guide

-Jay
_________________
Manhattan Review GMAT Prep

Locations: New York | Singapore | London | Dubai | and many more...

Schedule your free consultation with an experienced GMAT Prep Advisor! Click here.

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Post Wed Aug 09, 2017 11:25 am
jjjinapinch wrote:
On a certain date, Hannah invested $5,000 at x percent simple annual interest and a different amount at y percent simple annual interest. What amount did Hannah invest at y percent simple annual interest?
(1) The total amount of interest earned by Hannah's two investments in one year was $900.
(2) Hannah invested the $5,000 at 6 percent simple annual interest.

Official Guide question
Answer: E
We are given that Hannah invested $5,000 at x percent simple annual interest and invested another amount at y percent simple annual interest. We need to determine the amount that she invested at y percent simple annual interest. We can let this amount be n.

Statement One Alone:

The total amount of interest earned by Hannah’s two investments in one year was $900.

Using statement one, we can set up the following equation:

5,000(x/100) + n(y/100) = 900

Multiplying the entire equation by 100, we have:

5,000x + ny = 90,000

Since we do not know the value of x or y, we cannot determine the value of n, and thus statement one alone is not sufficient to answer the question.

Statement Two Alone:

Hannah invested the $5,000 at 6 percent simple annual interest.

From statement two, we know that x is 6, and thus we can determine how much interest Hannah made from her investment at x percent interest.

5,000 x 6/100 = $300

However, we still do not know how much money was invested at y percent simple annual interest. Statement two alone is not sufficient to answer the question. We can eliminate answer choice B.

Statements One and Two Together:

From both statements, we have the following equation:

300 + n(y/100) = 900

Since we do not know the value of y, we still cannot determine a value for n.

Answer: E

_________________
Jeffrey Miller Head of GMAT Instruction

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Post Mon Jul 31, 2017 9:28 pm
jjjinapinch wrote:
On a certain date, Hannah invested $5,000 at x percent simple annual interest and a different amount at y percent simple annual interest. What amount did Hannah invest at y percent simple annual interest?
(1) The total amount of interest earned by Hannah's two investments in one year was $900.
(2) Hannah invested the $5,000 at 6 percent simple annual interest.

Official Guide question
Answer: E
We have:

$5000 invested @ the rate of x%, and a different sum, say $P invested @ the rate of y%.

We have to find out the value of P.

Statement 1: The total amount of interest earned by Hannah's two investments in one year was $900.

=> [(5000*x*1)/100 + (P*y*1)/100] = 900

There are three variables, we cannot get the value of P. Insufficient.

Statement 2: Hannah invested the $5,000 at 6 percent simple annual interest.

Clearly insufficient as this gives the value of x = 6%, but we cannot get the value of P. Insufficient.

Statement 1 & 2 combined:

From (1), we have

[(5000*x*1)/100 + (P*y*1)/100] = 900

Plugging-in the value of x = 6 from (2) cannot get us the unique value of P. Insufficient.

The correct answer: E

Hope this helps!

Download free ebook: Manhattan Review GMAT Quantitative Question Bank Guide

-Jay
_________________
Manhattan Review GMAT Prep

Locations: New York | Singapore | London | Dubai | and many more...

Schedule your free consultation with an experienced GMAT Prep Advisor! Click here.

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