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.
Bank A promises a guaranteed 4 % profit on the investment
[#permalink]
23 Feb 2020, 08:42
23 Feb 2020, 08:42
00:00
Question Stats:
50% (00:04) correct
50% (04:22) wrong based on 2 sessions
Hide Show timer Statistics
Bank A promises a guaranteed 4%profit on the investment of the first 3000$ and 12%for any amount above it. The competitor Bank B offers a 3%[size=150] guaranteed profit for an investment of 2000$and 15% for any amount over that. Given that Jake and Michelle are investing in Banks A and B respectively, how much does Michelle need to invest Bank B to receive the same profit as Jake investing 5000$ with Bank A?
a. 5000
b. 4000
c. 4200
d. 5200
e. 4400
a. 5000
b. 4000
c. 4200
d. 5200
e. 4400
Re: Bank A promises a guaranteed 4 % profit on the investment
[#permalink]
24 Feb 2020, 00:06
24 Feb 2020, 00:06
1
Jake invests $5000 and gets a profit of $360 by calculating $3000 * 4% = 120 and 2000 * 12% = 240
Now use trail and error method, to get michelle investment
select b) 4000
2000 * 3% = 60
2000 * 15% = 300
total 60+300 = 360
Now use trail and error method, to get michelle investment
select b) 4000
2000 * 3% = 60
2000 * 15% = 300
total 60+300 = 360
gmatclubot
Re: Bank A promises a guaranteed 4 % profit on the investment [#permalink]
24 Feb 2020, 00:06
Moderators:
