Last visit was: 27 Dec 2024, 10:14 It is currently 27 Dec 2024, 10:14
Decision Tracker
My Rewards
New comers' posts
New posts
Unanswered

Close

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

we will pick new questions that match your level based on your Timer History

Track
Your Progress

every week, we’ll send you an estimated GRE score based on your performance

Practice
Pays

we will pick new questions that match your level based on your Timer History

Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.

Go to My Error Log Learn more
Close

Request Expert Reply

Confirm Cancel
PREVIOUS TOPIC
NEXT TOPIC

Tom invested part of $8,000 at 3 percent and the rest at 5 percent a

Tags :
Find Similar Topics  About  Add a Tag

Show Tags
Hide Tags

User avatar
D
Carcass
Verbal Expert
Joined: 18 Apr 2015
Posts: 30515
Own Kudos [?]: 36889 [3]
Given Kudos: 26112
Send PM
Tom invested part of $8,000 at 3 percent and the rest at 5 percent a [#permalink] New post   12 Feb 2021, 06:26
Expert Reply
3
Bookmarks
00:00

Question Stats:

70% (01:30) correct 29% (01:23) wrong based on 34 sessions

Hide Show timer Statistics

Tom invested part of $8,000 at 3 percent and the rest at 5 percent annual interest for a total return of $340.

Quantity A
Quantity B
The amount invested at 3%
The amount invested at 5%



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.

Kudos for the right answer and explanation
ShowHide Answer
Official Answer
B
User avatar
D
rx10
Retired Moderator
Joined: 02 Dec 2020
Posts: 1831
Own Kudos [?]: 2149 [3]
Given Kudos: 140
GRE 1: Q168 V157

GRE 2: Q167 V161
Send PM
Tom invested part of $8,000 at 3 percent and the rest at 5 percent a [#permalink] New post   12 Feb 2021, 08:26
3
Total $8000

Let's say $x is invested at 3% & $(8000-x) is invested at 5%

Interest = 340 = \(\frac{x * 3 * 1}{100}\) + \(\frac{(8000-x) * 5 * 1}{100}\)

340 = \(\frac{3x}{100}\) + \(\frac{40000 - 5x}{100}\)

340 = 400 - \(\frac{2x}{100}\)

2x = 6000

\(x = 3000\)

Qt A = 3000

Qt B = 5000

Qt B > Qt A

Answer B
avatar
B
eldorado21
Manager
Manager
Joined: 26 Nov 2020
Posts: 110
Own Kudos [?]: 102 [1]
Given Kudos: 31
Send PM
Re: Tom invested part of $8,000 at 3 percent and the rest at 5 percent a [#permalink] New post   12 Feb 2021, 20:11
1
x + y = 8000
3/100x +5/100y = 340

Solve for x & y

x = 3000; y = 5000
avatar
B
Papist
Manager
Manager
Joined: 25 Jul 2020
Posts: 75
Own Kudos [?]: 74 [2]
Given Kudos: 1
Send PM
Re: Tom invested part of $8,000 at 3 percent and the rest at 5 percent a [#permalink] New post   13 Feb 2021, 11:02
2
If the entire $8000 were invested at 3% the return would be $240 and if it were invested at 5% the return would be $400. Since the actual return of $340 is closer to $400 than $240, a greater proportion of the money must have been invested at 5%. Thus the correct answer is (B).
avatar
S
defender007
Manager
Manager
Joined: 03 Jul 2024
Posts: 77
Own Kudos [?]: 33 [0]
Given Kudos: 129
Send PM
Re: Tom invested part of $8,000 at 3 percent and the rest at 5 percent a [#permalink] New post   12 Jul 2024, 00:02
Question did not mention whether its compound or simple interest. So I thought Relation cannot be determined would be the answer. Those are the only 2 possibilities.
User avatar
D
Carcass
Verbal Expert
Joined: 18 Apr 2015
Posts: 30515
Own Kudos [?]: 36889 [1]
Given Kudos: 26112
Send PM
Re: Tom invested part of $8,000 at 3 percent and the rest at 5 percent a [#permalink] New post   12 Jul 2024, 00:23
1
Expert Reply
In this case the interest is uniform.

There is nothing that suggests us it is compounded.

It reasonable to think that it is simple.

However, I reckon that could be there the benefit of doubt
Prep Club for GRE Bot
gmatclubot
Re: Tom invested part of $8,000 at 3 percent and the rest at 5 percent a [#permalink]
12 Jul 2024, 00:23
Moderators:
adewale223
GRE Instructor
88 posts
bronaugust
GRE Forum Moderator
37 posts
BrushMyQuant
Moderator
1116 posts
VibhuAnurag
GRE Instructor
234 posts

Powered by phpBB © phpBB Group | Emoji artwork provided by EmojiOne

Main navigation

Partners

GRE Resources

www.ets.org/gre | About | Terms and Conditions and Privacy Policy | Prep Club for GRE Rules | Contact