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A sum of money invested under simple interest, amounts to $1,200 in th
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22 Nov 2023, 03:06
22 Nov 2023, 03:06
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A sum of money invested under simple interest, amounts to $1,200 in three years and $1,500 in five years. What is the rate at which the sum of money was invested?
(A) 10%
(B) 15%
(C) 20%
(D) 25%
(E) 45%
(A) 10%
(B) 15%
(C) 20%
(D) 25%
(E) 45%
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Free Materials for the GRE General Exam - Where to get it!!
GRE Geometry Formulas
GRE - Math Book
Re: A sum of money invested under simple interest, amounts to $1,200 in th
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29 Nov 2023, 03:16
29 Nov 2023, 03:16
1
The answer is C.
Amount after 5 years - Amount after 3 years = 1500 - 1200 = $300
--> interest per year = 300/2 = $150
--> Interest for 3 years = 150*3 = $450
--> investment at the beginning of 3 years = 1200 - 450 = $750
SI = PRT/100
--> 450 = 750*r*3/100
--> r = (450*100)/(750*3) = 20%
Amount after 5 years - Amount after 3 years = 1500 - 1200 = $300
--> interest per year = 300/2 = $150
--> Interest for 3 years = 150*3 = $450
--> investment at the beginning of 3 years = 1200 - 450 = $750
SI = PRT/100
--> 450 = 750*r*3/100
--> r = (450*100)/(750*3) = 20%
A sum of money invested under simple interest, amounts to $1,200 in th
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29 Nov 2023, 05:24
29 Nov 2023, 05:24
2
1200 = P + P*3*R/100 --> 1 Eqn
1500 = p + P*5*R/100 --> 2 Eqn
EQN3 is obtained by subtracting 1 Eqn from 2 Eqn
300 = 2pr/100 --> EQN3
15000 = pr --> from EQN 3
now we know pr is 15000, substituting pr in 2EQN
we get below
1500 = 750 +(750 * r * 5) /100
750 = 150 * r /4
r = 20%
1500 = p + P*5*R/100 --> 2 Eqn
EQN3 is obtained by subtracting 1 Eqn from 2 Eqn
300 = 2pr/100 --> EQN3
15000 = pr --> from EQN 3
now we know pr is 15000, substituting pr in 2EQN
we get below
1500 = 750 +(750 * r * 5) /100
750 = 150 * r /4
r = 20%
