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frombelarus
Joined: 30 Jan 2020
Last visit: 03 Oct 2022
Posts: 12
Given Kudos: 221
Location: Belarus
Schools: HEC Sept 23 Intake
19 Apr 2020, 11:41
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$20,000 was deposited into bank, with interest compounded quarterly. What is compound interest?
(1) The interest in the second quarter is 1.1 times more than the first quarter.
(2) The interest in the second quarter is 200 dollars more than the first quarter.
Source: Handbook GMAT Quantitative 2018
(1) The interest in the second quarter is 1.1 times more than the first quarter.
(2) The interest in the second quarter is 200 dollars more than the first quarter.
Source: Handbook GMAT Quantitative 2018
19 Apr 2020, 12:09
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We need the interest rate to find CI.
Statement 1-
This statement tells us that Interest in the second quarter we get on the interest of the first quarter,x, is 0.1x.
Our interest rate is \(\frac{0.1x}{x}*100 = 10%\)
Sufficient
Statement 2- The CI of 1st quarter = \(20000*\frac{r}{100}=200r\)
\(200r*\frac{r}{100} =200\)
r^2 = 100
r=10%
Sufficient
Statement 1-
This statement tells us that Interest in the second quarter we get on the interest of the first quarter,x, is 0.1x.
Our interest rate is \(\frac{0.1x}{x}*100 = 10%\)
Sufficient
Statement 2- The CI of 1st quarter = \(20000*\frac{r}{100}=200r\)
\(200r*\frac{r}{100} =200\)
r^2 = 100
r=10%
Sufficient
frombelarus
11 Aug 2023, 15:32
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nick1816
