Latest GRE Aptitude Question SOLUTION: Pat invested a total of $3,000. Part of the money was invested in a money market account that paid 10 percent simple annual interest, and the remainder of the money was invested in

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(#M40105910) GRE Numerical Ability question Keep an EYE

Pat invested a total of $3,000. Part of the money was invested in a money market account that paid 10 percent simple annual interest, and the remainder of the money was invested in a fund that paid 8 percent simple annual interest. If the interest earned at the end of the first year from these investments was $256, how much did Pat invest at 10 percent and how much at 8 percent?

Asked In GRE Jaspalsingh Parmar (9 years ago)

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Flambo  (9 years ago)

Total Amount = $3000
Let the amount Mr.Pat invests at the rate of 10% be x.
By Simple Interest formula (x) * (1) * (0.10) = 0.1x .......(a)
Mr.Pat invests the reminder of the amount (3000 - x) at the rate of 8%.
That would be (3000 - x) * (1) * (0.08) = 240 - 0.08x ......(b)
As Mr.Pat earned $256 as interest, we have to add two interests (a) and (b) and equate it to $256
0.1x + 240 - 0.08x = 256
0.02x = 16
x = 800 .....This is the amount Mr.Pat invested at the rate of 10%.
3000-x = 3000 - 800 = $2200 ......Mr.Pat invested $2200 at the rate of 8%.

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