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

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Manager
Joined: 02 Sep 2008
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10,000 is deposited in a certain account that pays r percent [#permalink]  17 Mar 2009, 20:17
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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
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.
Manager
Joined: 02 Mar 2009
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Re: Compound Interest + DS [#permalink]  17 Mar 2009, 22:17
I think it should be B.

1. You will have 2 unknowns. r and t. You do not know that 11,000 has grown after how many years.
2. You can replace t with 3 and replace r with 10% to get the answer.
Intern
Joined: 16 Mar 2009
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Re: Compound Interest + DS [#permalink]  17 Mar 2009, 22:44
it should be B
what is the OA ?
Re: Compound Interest + DS   [#permalink] 17 Mar 2009, 22:44
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