Find all School-related info fast with the new School-Specific MBA Forum

 It is currently 04 May 2015, 18:04

### GMAT Club Daily Prep

#### Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.

Customized
for You

we will pick new questions that match your level based on your Timer History

Track

every week, we’ll send you an estimated GMAT score based on your performance

Practice
Pays

we will pick new questions that match your level based on your Timer History

# Events & Promotions

###### Events & Promotions in June
Open Detailed Calendar

# Maria deposits $10,000 in a bank. What is the annual  Question banks Downloads My Bookmarks Reviews Important topics Author Message TAGS: CEO Joined: 15 Aug 2003 Posts: 3469 Followers: 61 Kudos [?]: 702 [0], given: 781 Maria deposits$10,000 in a bank. What is the annual [#permalink]  24 Aug 2003, 22:34
00:00

Difficulty:

(N/A)

Question Stats:

0% (00:00) correct 100% (00:12) wrong based on 2 sessions
Maria deposits $10,000 in a bank. What is the annual interest which the bank will pay to Maria? (1) The interest must be paid once every six months. (2) The rate of interest is 4%. I will only say...Dont guess the obvious ! Thanks Praetorian Intern Joined: 20 Aug 2003 Posts: 36 Location: USA Followers: 0 Kudos [?]: 0 [0], given: 0 [#permalink] 25 Aug 2003, 02:04 Is the answer E???? since we don't know whether it's simple or compound interest Manager Joined: 25 Jun 2003 Posts: 95 Followers: 1 Kudos [?]: 0 [0], given: 0 [#permalink] 25 Aug 2003, 05:19 Another vote for E .. we know interest rate is 4% but we don't know if it is annual rate or monthly rate 6-mos rate .. _________________ Brainless CEO Joined: 15 Aug 2003 Posts: 3469 Followers: 61 Kudos [?]: 702 [0], given: 781 [#permalink] 25 Aug 2003, 16:32 Brainless wrote: Another vote for E .. we know interest rate is 4% but we don't know if it is annual rate or monthly rate 6-mos rate .. Just to be sure...If the interest is to be paid every six months, dont you think the interest is compounded semi-annually? Your Bank will add interest to your account every six months ! I know we cant assume, pitch in with your opinions. Thanks Praetorian Manager Joined: 25 Jun 2003 Posts: 95 Followers: 1 Kudos [?]: 0 [0], given: 0 [#permalink] 25 Aug 2003, 16:51 praetorian123 wrote: Brainless wrote: Another vote for E .. we know interest rate is 4% but we don't know if it is annual rate or monthly rate 6-mos rate .. Just to be sure...If the interest is to be paid every six months, dont you think the interest is compounded semi-annually? Your Bank will add interest to your account every six months ! I know we cant assume, pitch in with your opinions. Thanks Praetorian Oops !! I did it again .. My bad .. I would say 'C' now .. _________________ Brainless Intern Joined: 20 Aug 2003 Posts: 36 Location: USA Followers: 0 Kudos [?]: 0 [0], given: 0 [#permalink] 26 Aug 2003, 06:41 But will the bank add interest on the original amount or the amount after it's added the interest for six months? Do we know that? CEO Joined: 15 Aug 2003 Posts: 3469 Followers: 61 Kudos [?]: 702 [0], given: 781 [#permalink] 26 Aug 2003, 17:00 hey do we have a definite answer here.. can Akamai help thanks praetorian Manager Joined: 28 Feb 2003 Posts: 147 Location: Kiev Followers: 1 Kudos [?]: 4 [0], given: 0 [#permalink] 26 Aug 2003, 23:27 I think we have all the information to answer the question and the right choice is (C) (1) says that "The interest must be paid once every six months" To my mind "must be paid" indicates that the money are paid to Maria directly and not accrued on her account. So, we have simple interest and can answer the question. _________________ Too much is not enough... Manager Joined: 10 Jun 2003 Posts: 210 Location: Maryland Followers: 2 Kudos [?]: 4 [1] , given: 0 [#permalink] 27 Aug 2003, 06:50 1 This post received KUDOS Way too many assumptions, we could argue underlying meanings all day. This question is out. _________________ Sept 3rd [#permalink] 27 Aug 2003, 06:50 Similar topics Replies Last post Similar Topics: Lori deposits$10,000 in a savings account at 10% annual 1 18 Sep 2013, 17:36
1 John deposits $10000 in a savings certificate, earning p 1 21 Dec 2008, 08:01 2$10,000 is deposited in a certain account that pays r 10 14 Jun 2008, 09:10
$10,000 is deposited in a certain account that pays r 1 10 May 2008, 02:13 Mr. Daniel deposits$ 10,000 in a savings certificate 6 12 Dec 2007, 05:13
Display posts from previous: Sort by