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# Maria deposits $10,000 in a bank. What is the annual  post reply Question banks Downloads My Bookmarks Reviews Important topics Author Message Director Joined: 13 Nov 2003 Posts: 964 Location: Florida Followers: 1 Kudos [?]: 92 [0], given: 0 Maria deposits$10,000 in a bank. What is the annual [#permalink]

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25 Nov 2003, 23:27
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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? Director Joined: 14 Oct 2003 Posts: 587 Location: On Vacation at My Crawford, Texas Ranch Followers: 1 Kudos [?]: 39 [0], given: 0 Re: DS - simple interest [#permalink] ### Show Tags 26 Nov 2003, 07:57 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?

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
Joined: 13 Nov 2003
Posts: 964
Location: Florida
Followers: 1

Kudos [?]: 92 [0], given: 0

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26 Nov 2003, 07:57
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
Joined: 26 Aug 2003
Posts: 233
Location: United States
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26 Nov 2003, 08:47
Statement (2) tells us all so the answer B makes perfect sense!
Director
Joined: 13 Nov 2003
Posts: 964
Location: Florida
Followers: 1

Kudos [?]: 92 [0], given: 0

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26 Nov 2003, 09:10
wonder_gmat,

how can we assume that it is a simple interest problem. furthermore, whether the annual rate given or quarterly rate... why assume?
Intern
Joined: 11 Nov 2003
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Location: CA
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26 Nov 2003, 11:04
E..

We can not assume if it is a simple interest or compound Interest.
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