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$10,000 is deposited in a certain account that pays r

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$10,000 is deposited in a certain account that pays r [#permalink] New post 10 May 2008, 03:13
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Please explain:

$10,000 is deposited in a certain account that pays r percent annual interest compounded annually, the amount D(t), in dollars, that the deposit will grow to in t years in given by D(t)=10,000(1+(r/100))t What amount will the deposit grow to in 3 years?

(1) D(t) = 11,000
(2) r=10

(A) Statement (1) ALONE is sufficient, but statement (2) alone is not sufficient.
(B) Statement (2) ALONE is sufficient, but statement (1) alone is not sufficient.
(C) BOTH statements TOGETHER are sufficient, but NEITHER statement ALONE is sufficient.
(D) EACH statement ALONE is sufficient.
(E) Statements (1) and (2) TOGETHER are NOT sufficient.
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Re: DS: interest [#permalink] New post 10 May 2008, 05:12
prasannar wrote:
Please explain:

$10,000 is deposited in a certain account that pays r percent annual interest compounded annually, the amount D(t), in dollars, that the deposit will grow to in t years in given by D(t)=10,000(1+(r/100))t What amount will the deposit grow to in 3 years?

(1) D(t) = 11,000
(2) r=10

(A) Statement (1) ALONE is sufficient, but statement (2) alone is not sufficient.
(B) Statement (2) ALONE is sufficient, but statement (1) alone is not sufficient.
(C) BOTH statements TOGETHER are sufficient, but NEITHER statement ALONE is sufficient.
(D) EACH statement ALONE is sufficient.
(E) Statements (1) and (2) TOGETHER are NOT sufficient.


Answer B
Check each statement against D(t)=10,000(1+(r/100))t

Stat1: you will have to know t in order to find out the annual interest rate that you need to calculate D(3). In other words, you can get 11000 in 5 years at rate i1 or in 10 years at i2 (i1>i2) Insuff.
Stat2: clearly states the interest rate so you can go ahead with calcs.Suff.
Re: DS: interest   [#permalink] 10 May 2008, 05:12
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