GMAT Simple & Compound Interest Practice Question | GMAT 650 level | GMAT Sample Questions

GMAT Interests Questionbank | GMAT 650 Level Sample Question | GMAT Interests | GMAT Problem Solving Question

This GMAT problem solving question is a part of the free GMAT online preparation sample question by Wizako.

Question
Shawn invested one half of his savings in a bond that paid simple interest for 2 years and received $550 as interest. He invested the remaining in a bond that paid compound interest, interest being compounded annually, for the same 2 years at the same rate of interest and received $605 as interest. What was the value of his total savings before investing in these two bonds?
A. $5500
B. $11000
C. $22000
D. $2750
E. $44000

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