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GMAT prep Interest

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Senior Manager
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GMAT prep Interest [#permalink] New post 02 Dec 2006, 16:10
I got this wrong - picked D?
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Senior Manager
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 [#permalink] New post 02 Dec 2006, 16:11
P.S. How do I post these questions so that they just appear in the window rather than having to download them?
Manager
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 [#permalink] New post 02 Dec 2006, 17:02
the question asks you to compute the total interest not the total sum after n years.
The interest earned will be (10000) * (x/100)^n which is the right answer.
If you had to compute the total sum after n years, the answer would be
10000(1 + (x/100)^n)
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 [#permalink] New post 02 Dec 2006, 19:05
the question is only asking for the interest, not how much the invested funds will be after n years. D is just giving you the interest formula. what you need is the formula that will give you the interest earned after n years. since this is simple interest, the principal amount will remain the same at 10k. hence b is correct.

10,000n (x/100)

you can pick numbers in the end just to make sure b is correct.
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 [#permalink] New post 02 Dec 2006, 19:15
I see you're also up late studying - well done OA is C (you stated correct answer but wrote wrong choice)
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 [#permalink] New post 02 Dec 2006, 19:24
Hehehe... eyesight getting fuzzy from looking at the screen day in and day out...

Not B, C! :-)
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 [#permalink] New post 02 Dec 2006, 22:17
C

Ans = (10^4 nx) / 10^2
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 [#permalink] New post 02 Dec 2006, 22:49
Yeah D is for Compund Interest....S.I. = PNR/100

C.I.
Amt = P(1 +R/100)^n


Hope this helps...
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 [#permalink] New post 02 Dec 2006, 23:59
C. simple annual interest. interest only accumulates on the initial amount.
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 [#permalink] New post 03 Dec 2006, 02:50
C simple interest PNR/100
  [#permalink] 03 Dec 2006, 02:50
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