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

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Two years ago, Sam put $1,000 into a savings account. [#permalink] New post 19 Jan 2013, 08:05
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83% (01:30) correct 16% (00:07) wrong based on 1 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%

Explanations would be appreciated
[Reveal] Spoiler: OA

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Last edited by Rock750 on 28 Jan 2013, 09:14, edited 1 time in total.
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Re: Two years ago, Sam put $1,000 into a savings account. [#permalink] New post 19 Jan 2013, 10:01
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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Re: Two years ago, Sam put $1,000 into a savings account.   [#permalink] 19 Jan 2013, 10:01
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