A school district deposited surplus funds totaling $90,000 into two separate accounts for a period of one year. Part of the $90,000 was put into an account earning 3 percent simple interest and the rest into an account earning 5 percent simple interest. How much was put into the account earning 3 percent simple interest?
(1) The amount deposited by the school district into the account earning 5 percent was twice the amount deposited into the account earning 3 percent.
(2) The total interest earned on the $90,000 for the year was $3,900.
IMO D
What in your opinion, links?
Surplus Funds
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- sanju09
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- gaggleofgirls
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I agree with D.
1) $90,000 was deposited in the ratio 2:1 for 5%act to 3% act so 2/3(90,000) in the 5% act and 1/3(90,000) in the 3% act. So $30,000 in the 3% act. SUFFICIENT
2) Since the total = 90,000, lets say that x = my in the 5% act then 90,000-x = the amt in the 3% act.
.05x = .03(90,000-x) = 3900
one variable, one equation, we can solve, hence 2 is SUFFICIENT.
Answer = D
What is OA?
-Carrie
1) $90,000 was deposited in the ratio 2:1 for 5%act to 3% act so 2/3(90,000) in the 5% act and 1/3(90,000) in the 3% act. So $30,000 in the 3% act. SUFFICIENT
2) Since the total = 90,000, lets say that x = my in the 5% act then 90,000-x = the amt in the 3% act.
.05x = .03(90,000-x) = 3900
one variable, one equation, we can solve, hence 2 is SUFFICIENT.
Answer = D
What is OA?
-Carrie
- sanju09
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OA is D.gaggleofgirls wrote:I agree with D.
1) $90,000 was deposited in the ratio 2:1 for 5%act to 3% act so 2/3(90,000) in the 5% act and 1/3(90,000) in the 3% act. So $30,000 in the 3% act. SUFFICIENT
2) Since the total = 90,000, lets say that x = my in the 5% act then 90,000-x = the amt in the 3% act.
.05x = .03(90,000-x) = 3900
one variable, one equation, we can solve, hence 2 is SUFFICIENT.
Answer = D
What is OA?
-Carrie
The mind is everything. What you think you become. -Lord Buddha
Sanjeev K Saxena
Quantitative Instructor
The Princeton Review - Manya Abroad
Lucknow-226001
www.manyagroup.com
Sanjeev K Saxena
Quantitative Instructor
The Princeton Review - Manya Abroad
Lucknow-226001
www.manyagroup.com