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# 10,000 is deposited in a certain account that pays r percent

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Manager
Joined: 02 Sep 2008
Posts: 102
10,000 is deposited in a certain account that pays r percent [#permalink]

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17 Mar 2009, 21:17
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0% (00:00) correct 0% (00:00) wrong based on 0 sessions

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\$10,000 is deposited in a certain account that pays r percent annual interest compounded annually,
the amount D(t), in dollars, that the deposit will grow to in t years is given by D(t) = 10,000
{1+(r/100)}t. What amount will the deposit grow to in 3 years?
(1) D(t) = 11,000
(2) r =10
A. Statement (1) ALONE is sufficient, but statement (2) alone is not sufficient.
B. Statement (2) ALONE is sufficient, but statement (1) alone is not sufficient.
C. BOTH statements TOGETHER are sufficient, but NEITHER statement ALONE is
sufficient.
D. EACH statement ALONE is sufficient.
E. Statements (1) and (2) TOGETHER are NOT sufficient.

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Manager
Joined: 02 Mar 2009
Posts: 125
Re: Compound Interest + DS [#permalink]

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17 Mar 2009, 23:17
I think it should be B.

1. You will have 2 unknowns. r and t. You do not know that 11,000 has grown after how many years.
2. You can replace t with 3 and replace r with 10% to get the answer.
Intern
Joined: 16 Mar 2009
Posts: 25
Re: Compound Interest + DS [#permalink]

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17 Mar 2009, 23:44
it should be B
what is the OA ?

--== Message from GMAT Club Team ==--

This is not a quality discussion. It has been retired.

If you would like to discuss this question please re-post it in the respective forum. Thank you!

To review the GMAT Club's Forums Posting Guidelines, please follow these links: Quantitative | Verbal Please note - we may remove posts that do not follow our posting guidelines. Thank you.
Re: Compound Interest + DS   [#permalink] 17 Mar 2009, 23:44
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