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# Two years ago, Sam put $1,000 into a savings account.  Question banks Downloads My Bookmarks Reviews Important topics Author Message TAGS: Senior Manager Status: Final Lap Joined: 25 Oct 2012 Posts: 294 Concentration: General Management, Entrepreneurship GPA: 3.54 WE: Project Management (Retail Banking) Followers: 3 Kudos [?]: 152 [0], given: 85 Two years ago, Sam put$1,000 into a savings account. [#permalink]  19 Jan 2013, 07:05
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Difficulty:

5% (low)

Question Stats:

93% (01:35) correct 7% (00:54) wrong based on 76 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

_________________

KUDOS is the good manner to help the entire community.

Last edited by Rock750 on 28 Jan 2013, 08:14, edited 1 time in total.
Intern
Joined: 16 Nov 2012
Posts: 44
Location: United States
Concentration: Operations, Social Entrepreneurship
Schools: ISB '15, NUS '16
GMAT Date: 08-27-2013
GPA: 3.46
WE: Project Management (Other)
Followers: 0

Kudos [?]: 14 [2] , given: 54

Re: Two years ago, Sam put $1,000 into a savings account. [#permalink] 19 Jan 2013, 09:01 2 This post received KUDOS 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 % _________________ ......................................................................................... Please give me kudos if my posts help. Manager Joined: 21 Oct 2013 Posts: 194 Location: Germany GMAT 1: 660 Q45 V36 GPA: 3.51 Followers: 0 Kudos [?]: 22 [0], given: 19 Re: Two years ago, Sam put$1,000 into a savings account. [#permalink]  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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