Surplus Funds

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sanju09: GMAT Instructor; Posts: 3650; Joined: Wed Jan 21, 2009 4:27 amFollowed by: 80 members; Location: India; Thanked: 267 times; GMAT Score:760

by sanju09 » Mon Feb 02, 2009 5:47 am

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?

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

Source: Beat The GMAT — Data Sufficiency | Mon Feb 02, 2009 5:47 am

gaggleofgirls: Master | Next Rank: 500 Posts; Posts: 138; Joined: Thu Jan 15, 2009 7:52 am; Location: Steamboat Springs, CO; Thanked: 15 times

by gaggleofgirls » Thu Feb 05, 2009 9:24 am

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

sanju09: GMAT Instructor; Posts: 3650; Joined: Wed Jan 21, 2009 4:27 amFollowed by: 80 members; Location: India; Thanked: 267 times; GMAT Score:760

by sanju09 » Sat Feb 07, 2009 3:29 am

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

OA is D.

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

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