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GRE Prep Club Team Member
Joined: 20 Feb 2017
Posts: 2508
Given Kudos: 1053
GPA: 3.39
If x dollars is invested at 10 percent for one year and y dollars is
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20 Sep 2021, 04:54
20 Sep 2021, 04:54
Expert Reply
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Question Stats:
100% (02:31) correct
0% (00:00) wrong based on 5 sessions
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If x dollars is invested at 10 percent for one year and y dollars is invested at 8 percent for one year, the annual income from the 10 percent investment will exceed the annual income from the 8 percent investment by $56. If $2,000 is the total amount invested, how much is invested at 8 percent?
(A) $280
(B) $800
(C) $892
(D) $1,108
(E) $1,200
(A) $280
(B) $800
(C) $892
(D) $1,108
(E) $1,200
If x dollars is invested at 10 percent for one year and y dollars is
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20 Sep 2021, 09:27
20 Sep 2021, 09:27
GeminiHeat wrote:
If x dollars is invested at 10 percent for one year and y dollars is invested at 8 percent for one year, the annual income from the 10 percent investment will exceed the annual income from the 8 percent investment by $56. If $2,000 is the total amount invested, how much is invested at 8 percent?
(A) $280
(B) $800
(C) $892
(D) $1,108
(E) $1,200
(A) $280
(B) $800
(C) $892
(D) $1,108
(E) $1,200
I believe there is a mistake in the question. It should be " the annual interest from the 10 percent investment will exceed the annual interest from the 8 percent investment by $56".
After this correction, the equations that will end up are x + y =2000 and 0.1x - 0.08y = 56 and solving for y will give 800.
Else as per the original statement, the equations will be x + y =2000 and 1.1x - 1.08y = 56 and none of the choices is the correct.
If x dollars is invested at 10 percent for one year and y dollars is
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20 Sep 2021, 09:29
20 Sep 2021, 09:29
Expert Reply
10x / 100 - 8y / 100 = 56
and
x + y = 2000
Solving these 2 equations, x = 1200 and y = 800
Answer B.
and
x + y = 2000
Solving these 2 equations, x = 1200 and y = 800
Answer B.
