Author Message
TAGS:

Hide Tags

Senior Manager
Status: Final Lap
Joined: 25 Oct 2012
Posts: 287
Concentration: General Management, Entrepreneurship
GPA: 3.54
WE: Project Management (Retail Banking)
Followers: 3

Kudos [?]: 289 [1] , given: 85

Show Tags

19 Jan 2013, 09:01
3
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.

Current Student
Joined: 21 Oct 2013
Posts: 194
Location: Germany
GMAT 1: 660 Q45 V36
GPA: 3.51
Followers: 1

Kudos [?]: 37 [0], given: 19

Re: Two years ago, Sam put $1,000 into a savings account. [#permalink] Show Tags 29 Nov 2013, 03:06 %-change = change in value / original value original value here: 1000$

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.
GMAT Club Legend
Joined: 09 Sep 2013
Posts: 13456
Followers: 575

Kudos [?]: 163 [0], given: 0

Re: Two years ago, Sam put $1,000 into a savings account. [#permalink] Show Tags 26 Mar 2016, 16:08 Hello from the GMAT Club BumpBot! Thanks to another GMAT Club member, I have just discovered this valuable topic, yet it had no discussion for over a year. I am now bumping it up - doing my job. I think you may find it valuable (esp those replies with Kudos). Want to see all other topics I dig out? Follow me (click follow button on profile). You will receive a summary of all topics I bump in your profile area as well as via email. _________________ Re: Two years ago, Sam put$1,000 into a savings account.   [#permalink] 26 Mar 2016, 16:08
Similar topics Replies Last post
Similar
Topics:
1 If Joanie puts $500 in a savings account that earns 10 percent annual 4 09 Sep 2015, 00:03 16 Alan has split his savings equally into two accounts. The 3 15 Jul 2014, 08:33 25 Julie put half of her savings in a savings account that pays 6 12 Jul 2014, 06:11 Exactly one year ago, Ray put his money into a 3 11 Sep 2012, 21:48 1 John deposits$5000 in a savings account for 5 years 3 12 Jan 2012, 17:41
Display posts from previous: Sort by