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10,000 is deposited in a certain account that pays r percent [#permalink]
08 Oct 2007, 17:37
00:00
A
B
C
D
E
Difficulty:
(N/A)
Question Stats:
100% (01:01) correct
0% (00:00) wrong based on 1 sessions
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$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 is given by D(t) = 10,000 {1+(r/100)}^t. What amount will the deposit grow to in 3 years?
Re: DS: Set 30, Q10 - Interest rate [#permalink]
08 Oct 2007, 17:57
gluon wrote:
$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 is 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
Are we missing something in this question .
With the first statement D(t) = 11,000 looks like for all t , D(t) is 11,000 .
So I guess suff .
Second statement is obviously suff , since we have r = 10 .
Re: DS: Set 30, Q10 - Interest rate [#permalink]
08 Oct 2007, 21:40
gluon wrote:
$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 is given by D(t) = 10,000 {1+(r/100)}^t. What amount will the deposit grow to in 3 years?
i think it is B. the question asks what it will be in 3 years. we do not know what t is for the first statement. it should state: D(3) = 11,000. what's the OA?
Re: DS: Set 30, Q10 - Interest rate [#permalink]
10 Oct 2007, 00:39
gluon wrote:
$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 is 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
Stat. 1 is a constant equation. independently from (t), the result is always 11 000, thus in 3 years it will be 11 000 => sufficient
Stat. 2 having t and r we can calculate D(3) => sufficient
S1: Doesnt state the value of t -
D(t) = 11,000 could be for t=1 or 2 or n...
depending on t, rate of interest varies which changes the compounded amount for 3 years. : Insufficient
Re: DS: Set 30, Q10 - Interest rate [#permalink]
11 Oct 2007, 00:28
gluon wrote:
$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 is 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
There is obviously a typo here in (1), but given what we have here.
The answer "should" be D because
1) mathematically states that the deposit will be 11,000 no matter the variables, t or r. It is therefore sufficient. This is true even if we were not given that t=3 (!)
2) gives us the missing variable which is also sufficient.
Guessing what the typo might be, if (1) was supposed to be D(1) = 11000, which makes the most sense, D would also be the answer because we can deduce that r = 10.
gmatclubot
Re: DS: Set 30, Q10 - Interest rate
[#permalink]
11 Oct 2007, 00:28