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?\nOptions:\n(A) $150\n(B) $175\n(C) $200\n(D) $210\n(E) $220 Hmmm, my stream of consciousness:
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Amount at end of 2 years = 240$\nAmount at end of 5 years = 300$\nDifference in amount for time period of 3 years = 60$\nAnnual Interest earned = 60/3 = 20$\nPrincipal amount invested at the beginning = 240 - 2*20 = 200$ So, the answer is (C).
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