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03 Jul 2016, 11:36
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Difficulty:
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Question Stats:
83% (01:06) correct
17%
(01:33)
wrong
based on 1926
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The annual interest rate earned by an investment increased by 10 percent from last year to this year. If the annual interest rate earned by the investment this year was 11 percent, what was the annual interest rate last year?
A) 1%
B) 1.1%
C) 9.1%
D) 10%
E) 10.8%
A) 1%
B) 1.1%
C) 9.1%
D) 10%
E) 10.8%
14 Apr 2017, 05:11
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I had to read the question stem 4 times to make sense of what the question was asking. Very confusing, but here it goes my approach.
Say you're not able to quickly set up your work as our friends did above, just do a word by word translation.
Call '\(x\)' the interest rate last year
Some value x increased by 10% last year and the result is a rate of 11%.
\(\cfrac { 110 }{ 100 } (x)=11\\ x=\cfrac { 11\ast 100 }{ 110 } \\ x=10\)
Say you're not able to quickly set up your work as our friends did above, just do a word by word translation.
Call '\(x\)' the interest rate last year
Some value x increased by 10% last year and the result is a rate of 11%.
\(\cfrac { 110 }{ 100 } (x)=11\\ x=\cfrac { 11\ast 100 }{ 110 } \\ x=10\)
sashiim20
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Schools: ISB '19 IIMB IIMA XLRI HEC Sept19 intake Rotman '21 NUS '21 NTU '20 Trinity MBA '20 Bocconi '21 Smurfit "21
Posts: 609
17 May 2017, 15:40
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The annual interest rate earned by an investment increased by 10 percent from last year to this year. If the annual interest rate earned by the investment this year was 11 percent, what was the annual interest rate last year?
A) 1%
B) 1.1%
C) 9.1%
D) 10%
E) 10.8%
Let annual interest rate last year be = x%
Annual interest rate increased by 10% from last year to this year = 110% of x = 1.1x%
Interest rate this year = 11% = 1.1x %
\(\frac{1.1x}{100}\) = \(\frac{11}{100}\)
x = \(\frac{11}{1.1}\) = 10%
Answer D...
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A) 1%
B) 1.1%
C) 9.1%
D) 10%
E) 10.8%
Let annual interest rate last year be = x%
Annual interest rate increased by 10% from last year to this year = 110% of x = 1.1x%
Interest rate this year = 11% = 1.1x %
\(\frac{1.1x}{100}\) = \(\frac{11}{100}\)
x = \(\frac{11}{1.1}\) = 10%
Answer D...
_________________
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