GMAT Quantitative Reasoning Practice Test 6

Question : 84 of 100

Marks: +1, -0

At the end of the year 2002, Monica and Chandler each purchased a certificate of deposit that paid the same rate of interest, and each held the certificate of deposit through the end of 2002. If Chandler invested X dollars and Monica invested

\$130,000

, and if Chandler earned interest in 2002 totaling

\$45,000

, what was the amount of interest that Monica earned on her

\$130,000

investment?
(1) The rate of interest on the certificate of deposit that Chandler and Monica each purchased was 8.5% annually.
(2) In 2002, Chandler invested

\$529,412

in the certificate of deposit.

Statement (1) BY ITSELF is sufficient to answer the question, but statement (2) by itself is not.
Statement (2) BY ITSELF is sufficient to answer the question, but statement (1) by itself is not.
Statements (1) and (2) TAKEN TOGETHER are sufficient to answer the question, even though NEITHER statement BY ITSELF is sufficient.
Either statement BY ITSELF is sufficient to answer the question.
Statements (1) and (2) TAKEN TOGETHER are NOT sufficient to answer the question, requiring more data pertaining to the problem.

Validate

Solution:

From statement (1) we know the rate of interest, so we can easily calculate how much Monica earned with her

\$130,000

deposit.
From statement (2) we know how much Chandler invested and we already know from the question how much he earned, we can calculate the interest and multiply it by the deposit that Monica made. Therefore,
both statements, by themselves, are sufficient to answer the question.

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