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A $1000 investment and a $3000 investment have a combined yearly retur
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06 Apr 2023, 04:00
06 Apr 2023, 04:00
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Expert Reply
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Question Stats:
95% (01:45) correct
4% (02:50) wrong based on 22 sessions
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A $1000 investment and a $3000 investment have a combined yearly return of 8.5% of the total of two investments. If the $1000 investment has a yearly return of 7%, what is the yearly return on the investment of $3000?
9%
10%
10.625%
11%
12%
Post A Detailed Correct Solution For The Above Questions And Get A Kudos.
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\(\Longrightarrow\) GRE - Quant Daily Topic-wise Challenge
\(\Longrightarrow\) GRE SINGLE & COMPOUND INTEREST
9%
10%
10.625%
11%
12%
Post A Detailed Correct Solution For The Above Questions And Get A Kudos.
Question From Our Project: Free GRE Prep Club Tests in Exchange for 20 Kudos
\(\Longrightarrow\) GRE - Quant Daily Topic-wise Challenge
\(\Longrightarrow\) GRE SINGLE & COMPOUND INTEREST
Re: A $1000 investment and a $3000 investment have a combined yearly retur
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06 Apr 2023, 22:02
06 Apr 2023, 22:02
I think there is an easy way to do this using ratios. Please provide solution in ratios
Re: A $1000 investment and a $3000 investment have a combined yearly retur
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06 Apr 2023, 22:32
06 Apr 2023, 22:32
1
Expert Reply
Simple Interest si \(\frac{PNR}{100}\)
\(I_1=\frac{3,000*1*R}{100}=30R
\)
\(I_2=\frac{1,000*1*7}{100}=70
\)
Combined yearly return is \(= \frac{(3,000+1,000)*1*8.5}{100}=340
\)
Put Together \(I_1+I_2=340\)
\(30R+70=340\)
\(R=9\)
\(I_1=\frac{3,000*1*R}{100}=30R
\)
\(I_2=\frac{1,000*1*7}{100}=70
\)
Combined yearly return is \(= \frac{(3,000+1,000)*1*8.5}{100}=340
\)
Put Together \(I_1+I_2=340\)
\(30R+70=340\)
\(R=9\)
