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

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Maria deposits $10,000 in a bank. What is the annual [#permalink] New post 24 Aug 2003, 22:34
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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 !

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 [#permalink] New post 25 Aug 2003, 02:04
Is the answer E????

since we don't know whether it's simple or compound interest
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 [#permalink] New post 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 ..
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 [#permalink] New post 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.

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 [#permalink] New post 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 ..
:oops:
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 [#permalink] New post 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?
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 [#permalink] New post 26 Aug 2003, 17:00
hey

do we have a definite answer here..

can Akamai help

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 [#permalink] New post 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.
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 [#permalink] New post 27 Aug 2003, 06:50
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Way too many assumptions, we could argue underlying meanings all day.

This question is out.
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Sept 3rd

  [#permalink] 27 Aug 2003, 06:50
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