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Interest

by beater » Wed Feb 18, 2009 11:23 am
A total of $60,000 was invested for one year. Part of this amount earned simple annual interest at the rate of x percent per year, and the rest earned simple annual interest at the rate of y percent per year. If the total interest earned by the $60,000 for that year was $4,080, what is the value of x?
(1) x = 3y/4
(2) The ratio of the amount that earned interest at the rate of x percent per year to the amount that earned interest at the rate of y percent per year was 3 to 2

C
Last edited by beater on Wed Feb 18, 2009 8:42 pm, edited 1 time in total.
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Re: Interest

by Uri » Wed Feb 18, 2009 1:16 pm
beater wrote:A total of $60,000 was invested for one year. Part of this amount earned simple annual interest at the rate of x percent per year, and the rest earned simple annual interest at the rate of y percent per year. If the total interest earned by the $60,000 for that year was $4,080, what is the value of x?
(1) x = 3y/4
(2) The ratio of the amount that earned interest at the rate of x percent per year to the amount that earned interest at the rate of y percent per year was 3 to

Please specify the ratio and OA
it seems that the answer will be (C)
from each of the two statements, we get an equation involving 2 variables (after some simplifications). combining the equations will give us the solution.
Last edited by Uri on Wed Feb 18, 2009 1:50 pm, edited 2 times in total.
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Re: Interest

by earth@work » Wed Feb 18, 2009 1:17 pm
IMO C
Let P be the amount with x% rate of intrest - from given conditions we get (PX+(60000-P)Y)/100=4080 i.e eqn in 3 variables

(1) x = 3y/4 ...this gives us the relation between the ratios and nothing about P...insuff

(2) The ratio of the amount that earned interest at the rate of x percent per year to the amount that earned interest at the rate of y percent per year was 3 to ? (the ratio is missing in the question but that should not make a difference to answer!)
Now this ratio gives the value of P but again we do not know anything abt x & y.... insuff
combining (1) & (2) we can get value of x
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by mmslf75 » Thu Dec 31, 2009 9:35 am
earth@work wrote:IMO C
Let P be the amount with x% rate of intrest - from given conditions we get (PX+(60000-P)Y)/100=4080 i.e eqn in 3 variables

(1) x = 3y/4 ...this gives us the relation between the ratios and nothing about P...insuff

(2) The ratio of the amount that earned interest at the rate of x percent per year to the amount that earned interest at the rate of y percent per year was 3 to ? (the ratio is missing in the question but that should not make a difference to answer!)
Now this ratio gives the value of P but again we do not know anything abt x & y.... insuff
combining (1) & (2) we can get value of x

Perfect!!
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