NEW HERE? LEARN MORE
closeclose
Last visit was: 25 Apr 2024, 05:39 It is currently 25 Apr 2024, 05:39
Decision Tracker
My Rewards
New posts
New comers' posts

Close
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
Your Progress

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
Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.
Go to My Error Log Learn more
Close
Request Expert Reply
Confirm Cancel

Maria deposits $10,000 in a bank. What is the annual

User avatar
Praetorian
CEO
CEO
Joined: 15 Aug 2003
Posts: 2876
Own Kudos [?]: 1649 [0]
Given Kudos: 781
Send PM
Maria deposits $10,000 in a bank. What is the annual [#permalink] New post   24 Aug 2003, 23:34
00:00
A
B
C
D
E

Difficulty:

(N/A)

Question Stats:

0% (00:00) correct 100% (00:12) wrong based on 4 sessions
Hide Show timer Statistics
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



Archived Topic
Hi there,
This topic has been closed and archived due to inactivity or violation of community quality standards. No more replies are possible here.
Where to now? Join ongoing discussions on thousands of quality questions in our Data Sufficiency (DS) Forum
Still interested in this question? Check out the "Best Topics" block below for a better discussion on this exact question, as well as several more related questions.
Thank you for understanding, and happy exploring!
User avatar
p_malh
Intern
Intern
Joined: 20 Aug 2003
Posts: 34
Own Kudos [?]: 1 [0]
Given Kudos: 0
Location: USA
Send PM
Re: Maria deposits $10,000 in a bank. What is the annual [#permalink] New post   25 Aug 2003, 03:04
Is the answer E????

since we don't know whether it's simple or compound interest
User avatar
Brainless
Manager
Manager
Joined: 25 Jun 2003
Posts: 54
Own Kudos [?]: 5 [0]
Given Kudos: 0
Send PM
Re: Maria deposits $10,000 in a bank. What is the annual [#permalink] New post   25 Aug 2003, 06:19
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 ..
User avatar
Praetorian
CEO
CEO
Joined: 15 Aug 2003
Posts: 2876
Own Kudos [?]: 1649 [0]
Given Kudos: 781
Send PM
Re: Maria deposits $10,000 in a bank. What is the annual [#permalink] New post   25 Aug 2003, 17:32
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
User avatar
Brainless
Manager
Manager
Joined: 25 Jun 2003
Posts: 54
Own Kudos [?]: 5 [0]
Given Kudos: 0
Send PM
Re: Maria deposits $10,000 in a bank. What is the annual [#permalink] New post   25 Aug 2003, 17:51
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 ..
:oops:
User avatar
p_malh
Intern
Intern
Joined: 20 Aug 2003
Posts: 34
Own Kudos [?]: 1 [0]
Given Kudos: 0
Location: USA
Send PM
Re: Maria deposits $10,000 in a bank. What is the annual [#permalink] New post   26 Aug 2003, 07:41
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?
User avatar
Praetorian
CEO
CEO
Joined: 15 Aug 2003
Posts: 2876
Own Kudos [?]: 1649 [0]
Given Kudos: 781
Send PM
Re: Maria deposits $10,000 in a bank. What is the annual [#permalink] New post   26 Aug 2003, 18:00
hey

do we have a definite answer here..

can Akamai help

thanks

praetorian
User avatar
bono
Manager
Manager
Joined: 28 Feb 2003
Posts: 96
Own Kudos [?]: 13 [0]
Given Kudos: 0
Location: Kiev
Send PM
Re: Maria deposits $10,000 in a bank. What is the annual [#permalink] New post   27 Aug 2003, 00:27
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.
User avatar
mciatto
Manager
Manager
Joined: 10 Jun 2003
Posts: 134
Own Kudos [?]: 32 [1]
Given Kudos: 0
Location: Maryland
Send PM
Re: Maria deposits $10,000 in a bank. What is the annual [#permalink] New post   27 Aug 2003, 07:50
1
Kudos
Way too many assumptions, we could argue underlying meanings all day.

This question is out.



Archived Topic
Hi there,
This topic has been closed and archived due to inactivity or violation of community quality standards. No more replies are possible here.
Where to now? Join ongoing discussions on thousands of quality questions in our Data Sufficiency (DS) Forum
Still interested in this question? Check out the "Best Topics" block above for a better discussion on this exact question, as well as several more related questions.
Thank you for understanding, and happy exploring!
GMAT Club Bot
gmatclubot
Re: Maria deposits $10,000 in a bank. What is the annual [#permalink]
27 Aug 2003, 07:50
Moderators:
Bunuel
Math Expert
92912 posts
yashikaaggarwal
Senior Moderator - Masters Forum
3137 posts
GMATBusters
GMAT Tutor
1905 posts

Powered by phpBB © phpBB Group | Emoji artwork provided by EmojiOne
Main navigation
GMAT Resources
Partners
MBA Resources
www.gmac.com|www.mba.com | | GMAT Club Rules | Terms and Conditions