For a certain savings account, the table shows the three

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Re: For a certain savings account, the table shows the three [#permalink]

20 Jan 2013, 16:12

Yes you may get such problems often especially when you are doing great during your exams.
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For a certaion savings account,the table shows [#permalink]

29 Mar 2013, 00:49

Need explanation of the attached file...........

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Re: For a certaion savings account,the table shows [#permalink]

29 Mar 2013, 01:23

June has 30 days

1)for the first 10 days the amount in the deposit is 1000
2)for the next 5 days is 650 (1000-350)
3)for the next 5 days is 150 (650-500)
4)for the final 10 days is x

The median is
\frac{1000*10+650*5+150*5+10*x}{30}=1000
10x=16000, x= 1600
So the amount for the last 10 days was 1600 $, but the question asks for the DEPOSIT, and knowing that in the account there were 150 $, the deposit is 1600-150=1450 $
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Re: For a certaion savings account,the table shows [#permalink]

29 Mar 2013, 02:15

mun23 wrote:

Need explanation of the attached file...........

Merging similar topics.
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Re: For a certain savings account, the table shows the three [#permalink]

29 Mar 2013, 02:35

mun23 wrote:

Need explanation of the attached file...........

Given:

1. The variable is the daily balance
2. The variable changes thrice i.e., it takes 4 values.
3. The average daily balance for the 30 days is given as 1000

Relevant topic: Weighted average. The clues for identifying this topic are the mention of arithmetic mean and the unequal days (i.e., the weights) for each value.

Solution:

(10 *1000 + 5*650 + 5*150 + 10 * x )/ 30 = 1000

x= 1600

The deposit therefore is 1600-150=1450 ( because the balance was already 150 when the deposit was made and so has to be deducted to find the deposit)
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Re: For a certain savings account, the table shows the three [#permalink]

29 Mar 2013, 09:44

debayan222 wrote:

[
Hey Guys,
I'm sorry but I'm not getting it..
In bank account, if I deposit $1000.00 on say Jan-01 and if for next 30 days there is no transaction then at the end 30 days my bank account will have $ 30000.00 as per your explanations.Does that make sense guys ?Keeping money idle in the bank and its getting multiplied with no. of days kept in the account...I mean certainly there will be addition of Interest but that will not fetch you 30 times your deposit in 30 days.

Then, why we're considering this theory..Bunuel I would request you help.

Please come up with a deep analysis on this.

Its NOT about cash inflow. ITS BECAUSE THE PROMPT MENTIONS THE AVERAGE OF BALANCES
For example
If I have a balance of $1000 for 3 days in my a/c the average is
$(1000X3)/3 = 1000

If I had withdrawn $500 on the second day BY THE LOGIC OF THE PROMPT THE AVERAGE WILL BE
$(1000+500+500)/3 = $667

Hope its clear
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Re: For a certain savings account, the table shows the three [#permalink]

29 Mar 2013, 09:49

This post received
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Now that the topics are merged my post does not make sense

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Re: For a certain savings account, the table shows the three [#permalink]

29 Mar 2013, 16:59

Since there is only three things happening on the account...

$1000 to start off with, -$350 ($750 left), -$500 ($250 left) how much do we need to deposit to take the avg back to $1000?

1000+750+250 = 2000, divide this by 3 (2000/3) and we get roughly 666. Then $1000 - $666 = $444, so the account must go up to $1000 + 444 =1444 (since 666 is roughly) its 1450 that was deposited on that day.
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Re: For a certain savings account, the table shows the three [#permalink] 29 Mar 2013, 16:59

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For a certain savings account, the table shows the three

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For a certain savings account, the table shows the three

For a certain savings account, the table shows the three

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