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Two years ago, Sam put $1,000 into a savings account.

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Senior Manager
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Status: Final Lap
Joined: 25 Oct 2012
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Concentration: General Management, Entrepreneurship
GPA: 3.54
WE: Project Management (Retail Banking)
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Two years ago, Sam put $1,000 into a savings account. [#permalink] New post 19 Jan 2013, 07:05
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Question Stats:

94% (01:38) correct 6% (01:08) wrong based on 68 sessions
Two years ago, Sam put $1,000 into a savings account. At the end of the first year, his account had accrued $100 in interest bringing his total balance to $1,100. The next year, his account balance increased by 10%. At the end of the two years, by what percent has Sam's account balance increased from his initial deposit of $1,000 ?

A. 19%
B. 20%
C. 21%
D. 22%
E. 25%
[Reveal] Spoiler: OA

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Last edited by Rock750 on 28 Jan 2013, 08:14, edited 1 time in total.
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Concentration: Operations, Social Entrepreneurship
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Re: Two years ago, Sam put $1,000 into a savings account. [#permalink] New post 19 Jan 2013, 09:01
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Rock750 wrote:
Two years ago, Sam put $1,000 into a savings account. At the end of the first year, his account had accrued $100 in interest bringing his total balance to $1,100. The next year, his account balance increased by 10%. At the end of the two years, by what percent has Sam's account balance increased from his initial deposit of $1,000 ?

A- 19%
B- 20%
C- 21%
D- 22%
E- 25%

Explanations would be appreciated


investment 1000 dollars
1 st year total gained = 100
total amount end of first year = 1100
second year account increased by 10 % = 1100*0.1 = 110
therefore total amount by second year end = 1210

so total percentage increase in money = (1210-1000)*100/1000 = 21 %
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Concentration: Accounting, International Business
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Re: Two years ago, Sam put $1,000 into a savings account. [#permalink] New post 29 Nov 2013, 03:06
%-change = change in value / original value

original value here: 1000 $

change value: we need to calculate the account after year 2. we take our 1100 $ after 1 year and calculate 10 % which is 110 $. we get 1210 $ after 2 years. hence there was a change in value of 210 $.

plug into formula : 210 $ / 1000 $ = 21 / 100 =21 %

Thus C.

Hope it helps.
Re: Two years ago, Sam put $1,000 into a savings account.   [#permalink] 29 Nov 2013, 03:06
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Two years ago, Sam put $1,000 into a savings account.

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