GRE Prep Club Daily Prep
Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.
Customized
for You
Track
Your Progress
Practice
Pays
Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.
An investor receives interest on two simple interest investments, one
[#permalink]
09 Jul 2021, 07:36
09 Jul 2021, 07:36
1
Expert Reply
2
Bookmarks
00:00
Question Stats:
78% (01:17) correct
21% (01:54) wrong based on 33 sessions
Hide Show timer Statistics
An investor receives interest on two simple interest investments, one at 3%, annually, and the other at 2%, annually. The amount invested at 3% is $20,000. The two investments together earn $900 annually
A)The quantity in Column A is greater.
B)The quantity in Column B is greater.
C)The two quantities are equal.
D)The relationship cannot be determined from the information given.
Quantity A |
Quantity B |
The amount invested at 2% |
The amount invested at 3% |
A)The quantity in Column A is greater.
B)The quantity in Column B is greater.
C)The two quantities are equal.
D)The relationship cannot be determined from the information given.
Re: An investor receives interest on two simple interest investments, one
[#permalink]
10 Jul 2021, 01:40
10 Jul 2021, 01:40
2
Solution:
Amount invested at 3% is $20,000
Interest received at 3%=pni=20000 x 0.03 x 1=600
Interest received at 2%=900-600=300
Thus,300=p x 0.02 x 1
\(\frac{300}{0.02}\)=p
p= 15000
A: 15000
B: 20000
Qty A<Qty B
IMO B
Hope this helps!
Amount invested at 3% is $20,000
Interest received at 3%=pni=20000 x 0.03 x 1=600
Interest received at 2%=900-600=300
Thus,300=p x 0.02 x 1
\(\frac{300}{0.02}\)=p
p= 15000
A: 15000
B: 20000
Qty A<Qty B
IMO B
Hope this helps!
Re: An investor receives interest on two simple interest investments, one
[#permalink]
26 Apr 2025, 07:18
26 Apr 2025, 07:18
Hello from the GRE Prep Club BumpBot!
Thanks to another GRE Prep Club member, I have just discovered this valuable topic, yet it had no discussion for over a year. I am now bumping it up - doing my job. I think you may find it valuable (esp those replies with Kudos).
Want to see all other topics I dig out? Follow me (click follow button on profile). You will receive a summary of all topics I bump in your profile area as well as via email.
Thanks to another GRE Prep Club member, I have just discovered this valuable topic, yet it had no discussion for over a year. I am now bumping it up - doing my job. I think you may find it valuable (esp those replies with Kudos).
Want to see all other topics I dig out? Follow me (click follow button on profile). You will receive a summary of all topics I bump in your profile area as well as via email.
