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Maria deposits $10,000 in a bank. What is the annual [#permalink] ### Show Tags 24 Aug 2003, 22:34 00:00 Difficulty: (N/A) Question Stats: 0% (00:00) correct 100% (00:12) wrong based on 2 sessions ### HideShow timer Statistics This topic is locked. If you want to discuss this question please re-post it in the respective forum. 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
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25 Aug 2003, 02:04

since we don't know whether it's simple or compound interest
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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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Brainless

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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?

I know we cant assume, pitch in with your opinions.

Thanks
Praetorian
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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?

I know we cant assume, pitch in with your opinions.

Thanks
Praetorian

Oops !! I did it again .. My bad ..
I would say 'C' now ..

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Brainless

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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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26 Aug 2003, 17:00
hey

do we have a definite answer here..

can Akamai help

thanks

praetorian
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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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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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