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In a certain fund, \(40\) percent of the money is invested in stocks, and of that portion, \(20\) percent is invested in

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by Vincen » Tue Oct 20, 2020 2:32 am

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Difficulty—

In a certain fund, \(40\) percent of the money is invested in stocks, and of that portion, \(20\) percent is invested in preferred stocks. If the mutual fund has \(\$576\) invested in preferred stocks, what is the total amount of money invested in the fund?

A. \(\$960\)
B. \(\$1440\)
C. \(\$2880\)
D. \(\$4608\)
E. \(\$7200\)

Answer: E

Source: GMAT Paper Tests
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Re: In a certain fund, \(40\) percent of the money is invested in stocks, and of that portion, \(20\) percent is investe

by Scott@TargetTestPrep » Tue Oct 27, 2020 9:05 am
Vincen wrote: ↑
Tue Oct 20, 2020 2:32 am
 In a certain fund, \(40\) percent of the money is invested in stocks, and of that portion, \(20\) percent is invested in preferred stocks. If the mutual fund has \(\$576\) invested in preferred stocks, what is the total amount of money invested in the fund?

A. \(\$960\)
B. \(\$1440\)
C. \(\$2880\)
D. \(\$4608\)
E. \(\$7200\)

Answer: E

Source: GMAT Paper Tests
Solution:

We can let the total money in the fund = x. We can create the equation:

0.2(0.4x) = 576

0.08x = 576

8x = 57600

x = 7200

Answer: E

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