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A day-trader plans to invest a total of $23,500 into 15

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A day-trader plans to invest a total of $23,500 into 15

by Gmat_mission » Sat Nov 23, 2019 3:14 am
A day-trader plans to invest a total of $23,500 into 15 separate investments. If each investment requires a minimum deposit of $1,400, then which of the following is the maximum amount that she could put into any one investment?

A) $2,800
B) $3,000
C) $3,500
D) $3,800
E) $3,900

[spoiler]OA=E[/spoiler]

Source: EMPOWERgmat
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by Brent@GMATPrepNow » Sat Nov 23, 2019 7:19 am
Gmat_mission wrote:A day-trader plans to invest a total of $23,500 into 15 separate investments. If each investment requires a minimum deposit of $1,400, then which of the following is the maximum amount that she could put into any one investment?

A) $2,800
B) $3,000
C) $3,500
D) $3,800
E) $3,900
To MAXIMIZE the investment on one day, we must MINIMIZE the investments on the other 14 days.
Since the minimum investment for any day is $1,400, the trader can invest $1,400 on the first 14 days and then invest the remaining amount of money on the 15th day,

Total of 14 minimized investments = (14)(1400) = $19,600
The 15th investment = $23,500 - $19,600 = 3900

Answer: E
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by deloitte247 » Fri Nov 29, 2019 7:27 am
$23,500 for 15 separate investments
Minimum deposit = $1400
Find maximum deposit for anyone ( out of 15) investment
Therefore, 14 investments were done with the minimum deposit and 1 investment has a maximum deposit
For 14 investment ; deposit = $1400 * 14
= $19600
For the remaining investment, maximum deposit = $23500 - $19600
=$3900
Answer = option E
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by Scott@TargetTestPrep » Sun Dec 08, 2019 7:16 pm
Gmat_mission wrote:A day-trader plans to invest a total of $23,500 into 15 separate investments. If each investment requires a minimum deposit of $1,400, then which of the following is the maximum amount that she could put into any one investment?

A) $2,800
B) $3,000
C) $3,500
D) $3,800
E) $3,900

[spoiler]OA=E[/spoiler]

Source: EMPOWERgmat
The minimum total for 14 of the 15 investments is 14 x 1400 = $19,600, so the maximum amount that can be put in one investment is 23,500 - 19,600 = $3,900.

Answer: E

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by [email protected] » Thu Dec 12, 2019 11:32 am
Hi All,

From the prompt, we know that a certain amount of money ($23,500) has to be spread across 15 different accounts (and the minimum amount of money for each account is $1400). We're then asked for the MAXIMUM amount of money that could be deposited into any one account.

Typically, when a question asks for the minimum or maximum possibility, we need to consider how to maximize or minimize OTHER factors in the question.

Here, we know that 15 accounts each require $1400 at the minimum, so let's start there:

(15)($1,400) = $21,000

That $21,000 will cover the minimum amount of each account. The remaining money can then be added to ONE of the accounts...

$23,500 - $21,000 = $2500 of 'extra money'

$1400 + $2500 = $3900 = maximum amount

Final Answer: E

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