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An investor receives interest on two simple interest investments, one
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09 Jul 2021, 07:36
09 Jul 2021, 07:36
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78% (01:18) correct
21% (01:54) wrong based on 32 sessions
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An investor receives interest on two simple interest investments, one at 3%, annually, and the other at 2%, annually. The amount invested at 3% is $20,000. The two investments together earn $900 annually
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.
Quantity A |
Quantity B |
The amount invested at 2% |
The amount invested at 3% |
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.
Re: An investor receives interest on two simple interest investments, one
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10 Jul 2021, 01:40
10 Jul 2021, 01:40
2
Solution:
Amount invested at 3% is $20,000
Interest received at 3%=pni=20000 x 0.03 x 1=600
Interest received at 2%=900-600=300
Thus,300=p x 0.02 x 1
\(\frac{300}{0.02}\)=p
p= 15000
A: 15000
B: 20000
Qty A<Qty B
IMO B
Hope this helps!
Amount invested at 3% is $20,000
Interest received at 3%=pni=20000 x 0.03 x 1=600
Interest received at 2%=900-600=300
Thus,300=p x 0.02 x 1
\(\frac{300}{0.02}\)=p
p= 15000
A: 15000
B: 20000
Qty A<Qty B
IMO B
Hope this helps!
Re: An investor receives interest on two simple interest investments, one
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26 Apr 2025, 07:18
26 Apr 2025, 07:18
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Thanks to another GRE Prep Club member, I have just discovered this valuable topic, yet it had no discussion for over a year. I am now bumping it up - doing my job. I think you may find it valuable (esp those replies with Kudos).
Want to see all other topics I dig out? Follow me (click follow button on profile). You will receive a summary of all topics I bump in your profile area as well as via email.
