At the start of 2015, Jane opened two new accounts – X and Y – to invest her total savings of $1000. She invested p percent of her savings in account X, which yielded a simple interest of 8 percent per annum, and the rest of the savings in account Y, which yielded a simple interest of 6 percent per annum. Was the amount of interest earned by account X greater than the amount of interest earned by account Y during the year 2015?
(1) The value of p was between 25 and 30, inclusive
(2) The total interest earned by the two accounts during 2015 was $66
OA D
Source: eGMAT
At the start of 2015, Jane opened two new accounts – X and Y – to invest her total savings of $1000. She invested
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Even if she invests the maximum Statement 1 allows, namely $300, at 8% interest, and the remaining $700 at 6%, the 8% account won't earn anywhere close to the interest earned by the 6% account, so Statement 1 is sufficient.
Clearly the more she invests at 8%, the more interest she earns. So if we know exactly how much interest she earned, we must be able to find a single value for the amount she invested at 8%. So it must be possible to find p from Statement 2 and from there we can find all the numbers and answer the question, so the answer is D.
Clearly the more she invests at 8%, the more interest she earns. So if we know exactly how much interest she earned, we must be able to find a single value for the amount she invested at 8%. So it must be possible to find p from Statement 2 and from there we can find all the numbers and answer the question, so the answer is D.
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