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: e-GMAT
At the start of 2015, Jane opened two new accounts – X and Y – to invest her total savings of $1000. She invested
This topic has expert replies
-
- Moderator
- Posts: 7187
- Joined: Thu Sep 07, 2017 4:43 pm
- Followed by:23 members
GMAT/MBA Expert
- Ian Stewart
- GMAT Instructor
- Posts: 2621
- Joined: Mon Jun 02, 2008 3:17 am
- Location: Montreal
- Thanked: 1090 times
- Followed by:355 members
- GMAT Score:780
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.
For online GMAT math tutoring, or to buy my higher-level Quant books and problem sets, contact me at ianstewartgmat at gmail.com
ianstewartgmat.com
ianstewartgmat.com