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A day-trader plans to invest a total of $23,500 into 15 separate investments. If each investment requires a minimum depo

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by M7MBA » Sun Nov 29, 2020 12:25 pm

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Answers

A

B

C

D

E

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Difficulty—

A day-trader plans to invest a total of $23,500 into 15 separate investments. If each investment requires a minimum deposit of $1,400, then which of the following is the maximum amount that she could put into any one investment?

A) $2,800
B) $3,000
C) $3,500
D) $3,800
E) $3,900

Answer: E

Source: EMPOWERgmat
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Re: A day-trader plans to invest a total of $23,500 into 15 separate investments. If each investment requires a minimum

by deloitte247 » Thu Dec 10, 2020 8:43 pm
Each investment requires a minimum deposit of $1400.
If the trader deposits the minimum in 14 investments, the 15th one is bound to take the maximum deposit possible.
So for 14 investments with the minimum deposit amount, we have = 1400 * 14 = $19,600
The remaining amount for maximum possible amount to be invested in the 15th investment =
= 23500 - 19600
= $3900

Answer = E
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