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# Simple intrest

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Director
Joined: 25 Oct 2008
Posts: 610
Location: Kolkata,India
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Kudos [?]: 325 [0], given: 100

Simple intrest [#permalink]  25 Jul 2009, 04:25
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A certain bank is offering a special promotion for new customers in the month of November.For every dollar in excess of $100 in a customer's saving account,the bank will pay 6%intrest.If Rebekah has$178.61 in her savings a/c after the intrest is paid,how much did she have in the account before the intrest was paid?

Guys pls show the workings!
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Manager
Joined: 03 Jul 2009
Posts: 107
Location: Brazil
Followers: 3

Kudos [?]: 62 [0], given: 13

Re: Simple intrest [#permalink]  25 Jul 2009, 12:09
174.16

If the bank gives 6% = 0.06, and the final result is 178.61, this means that 1.06 times what she has above 100 in the bank is equals to 78.61

X = what she has above 100

So 1,06X = 78.61
X = 74.16

She had 174.16 in the account.

PS.: If this is the right answer and you liked, consider a kudo. I am almost accessing the GMATClub tests!!!
Director
Joined: 01 Apr 2008
Posts: 904
Schools: IIM Lucknow (IPMX) - Class of 2014
Followers: 18

Kudos [?]: 333 [0], given: 18

Re: Simple intrest [#permalink]  26 Jul 2009, 07:16
0.06(P-100) + P = 178.61
=> P = 174.16
Re: Simple intrest   [#permalink] 26 Jul 2009, 07:16
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