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

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Manager
Joined: 14 Jan 2006
Posts: 95
Schools: HKUST
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10,000 is deposited in a certain account that pays r percent [#permalink]  06 Oct 2008, 08:53
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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? (1) D(t) = 11,000 (2) r =10 Senior Manager Joined: 04 Jan 2006 Posts: 280 Followers: 1 Kudos [?]: 20 [0], given: 0 Re: GMAT SET 18 - 2 [#permalink] 06 Oct 2008, 10:03 nikhilpoddar 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

I think the answer is C.

We know t = 3 so, D(t) = 10,000*(1 + r%)*3

(1) Given D(t), the equation can be solved. Sufficient
(2) Given r, the equation can be solved. Sufficient
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Joined: 17 Jun 2008
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Re: GMAT SET 18 - 2 [#permalink]  06 Oct 2008, 23:19
devilmirror wrote:
nikhilpoddar 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 I think the answer is C. We know t = 3 so, D(t) = 10,000*(1 + r%)*3 (1) Given D(t), the equation can be solved. Sufficient (2) Given r, the equation can be solved. Sufficient I think, you meant D. VP Joined: 18 May 2008 Posts: 1300 Followers: 13 Kudos [?]: 171 [0], given: 0 Re: GMAT SET 18 - 2 [#permalink] 06 Oct 2008, 23:29 Ans should be D. only thng is we need not solve (1). In fact D(t) itself is the answer devilmirror wrote: nikhilpoddar 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

I think the answer is C.

We know t = 3 so, D(t) = 10,000*(1 + r%)*3

(1) Given D(t), the equation can be solved. Sufficient
(2) Given r, the equation can be solved. Sufficient
Re: GMAT SET 18 - 2   [#permalink] 06 Oct 2008, 23:29
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