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Simple intrest

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Director
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Joined: 25 Oct 2008
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Simple intrest [#permalink]

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New post 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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Joined: 03 Jul 2009
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Re: Simple intrest [#permalink]

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New post 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!!! ;)
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Name: Ronak Amin
Schools: IIM Lucknow (IPMX) - Class of 2014
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Re: Simple intrest [#permalink]

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New post 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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