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If $1000 is deposited in a bank account and remains in the [#permalink]
01 Aug 2006, 08:49
0% (00:00) correct
0% (00:00) wrong based on 0 sessions
If $1000 is deposited in a bank account and remains in the account along with any accumulated interest, the dollar amount of interest, I, earned by deposit in first n years is given by formula I = 1000[(1+r/100)^n - 1], where r percent is annual interest rate paid by bank. Is the annual interest rate paid by bank greater than 8 percent ?
I. The deposit earns a total of $210 in interest in 1st 2 years.
II. (1+r/100)^2 > 1.15
I don't understand why the question can't be solved by II alone.