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.
Can someone please explain how C is the answer.
I was able to break down the question as follows:
P is the amount invested @ x% while, (60,000-p) is the amt invested at y%
together they earn 4080;
px/100 + (60000-p)y/100 = 4080
px + (60000-p)y = 408,000
stat 1) given x=3y/4 we can substitute it to find y but we get stuck with P left to calculate . So insuff.
stat 2) (px/100) / (60000-p)y/100 = 3/2 . with this also one cant find x. so insuff.
But together I just dont see how they can solve x. there are 3 variables x , y & p while only two equations.
pls give me a break down of the calculation. thanks!
[/b]
(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.
Can someone please explain how C is the answer.
I was able to break down the question as follows:
P is the amount invested @ x% while, (60,000-p) is the amt invested at y%
together they earn 4080;
px/100 + (60000-p)y/100 = 4080
px + (60000-p)y = 408,000
stat 1) given x=3y/4 we can substitute it to find y but we get stuck with P left to calculate . So insuff.
stat 2) (px/100) / (60000-p)y/100 = 3/2 . with this also one cant find x. so insuff.
But together I just dont see how they can solve x. there are 3 variables x , y & p while only two equations.
pls give me a break down of the calculation. thanks!
[/b]
