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

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Director
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Maria deposits $10,000 in a bank. What is the annual [#permalink] New post 25 Nov 2003, 22:27
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B
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E

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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%.

A. Statement (1) ALONE is sufficient but Statement (2) ALONE is not sufficient.
B. Statement (2) ALONE is sufficient but Statement (1) ALONE is not sufficient.
C. BOTH Statements TOGETHER are sufficient, but NEITHER Statement alone is sufficient.
D. Each Statement ALONE is sufficient.
E. Statements (1) and (2) TOGETHER are NOT sufficient.

will we be assuming that the rate given is yearly? :idea:
Director
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Re: DS - simple interest [#permalink] New post 26 Nov 2003, 06:57
dj wrote:
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%.

A. Statement (1) ALONE is sufficient but Statement (2) ALONE is not sufficient.
B. Statement (2) ALONE is sufficient but Statement (1) ALONE is not sufficient.
C. BOTH Statements TOGETHER are sufficient, but NEITHER Statement alone is sufficient.
D. Each Statement ALONE is sufficient.
E. Statements (1) and (2) TOGETHER are NOT sufficient.

will we be assuming that the rate given is yearly? :idea:



I agree E. 2) doesn't say anything - rate of interest - for what time period??? Semi annual??? 10 Year??? 1 Year??? 30 Years??? etc.

combining 1 and 2 doesn't give us an answer.
Director
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 [#permalink] New post 26 Nov 2003, 06:57
I see your point stolyar. We can't even single out whether it it a simple or compound interest..

it is from gmat+ and the off answer is B....must be wrong. Thanks!
Manager
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 [#permalink] New post 26 Nov 2003, 07:47
Statement (2) tells us all so the answer B makes perfect sense!
Director
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 [#permalink] New post 26 Nov 2003, 08:10
wonder_gmat,

how can we assume that it is a simple interest problem. furthermore, whether the annual rate given or quarterly rate... why assume?
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 [#permalink] New post 26 Nov 2003, 10:04
E..

We can not assume if it is a simple interest or compound Interest.
  [#permalink] 26 Nov 2003, 10:04
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Maria deposits $10,000 in a bank. What is the annual

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