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The annual interest rate earned by an investment increased [#permalink]
22 Aug 2006, 01:22
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The annual interest rate earned by an investment increased by 10% from last year to this year. If the annual interest rate earned by the investment this year was 1%, what was the annual interest rate last year?
(E) 10.8% _________________
The GMAT, too tough to be denied.
Beat the tough questions...
let last years interest rate be = x
this years interest rate will be = x*(1-0.1) (10% less) = 0.9x
also given that this years interest rate = 1%
thus, 0.9x = 1 => x = 1/0.9 = 1.1%
hence answer should be (B). _________________