A certain sum was invested in a high-interest bond for which the interest is compounded monthly. The bond was sold x number of months later, where x is an integer. If the value of the original investment doubled during this period, what was the approximate amount of the original investment in dollars?
(1) The interest rate during the period of investment was greater than 39 percent but less than 45 percent.
(2) If the period of investment had been one month longer, the final sale value of the bond would have been approximately $2,744.
I don't have a answer for this. But can someone please have a look into this and let me know how to solve this?
MGMAT 1 --> 530
MGMAT 2--> 640
MGMAT 3 ---> 610