Question: Ann invested a certain sum of money in a bank that paid simple interest. The amount grew to $240 at the end of 2 years. She waited for another 3 years and got a final amount of $300. What was the principal amount that she invested at the beginning?
Options:
(A) $150
(B) $175
(C) $200
(D) $210
(E) $220 Let's think first. Some random reasoning:
Amount at end of 2 years = 240$
Amount at end of 5 years = 300$
Difference in amount for time period of 3 years = 60$
Annual Interest earned = 60/3 = 20$
Principal amount invested at the beginning = 240 - 2*20 = 200$ The final answer: (C).