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16 Nov 2022, 09:21
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D
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
55%
(hard)
Question Stats:
67% (02:43) correct
33%
(02:33)
wrong
based on 159
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Not Attempted Yet
$3,000 is the initial amount placed in an account and the interest compounds monthly, and the total value is $3,090 at the end of the first month. At the end of the second month, what fraction of the total interest of the two months is the interest of the second month?
A. 100/203
B. 1/2
C. 102/203
D. 103/203
E. 105/203
A. 100/203
B. 1/2
C. 102/203
D. 103/203
E. 105/203
25 Nov 2022, 04:22
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Bunuel
Interest rate \(= \frac{90}{3000}*100 =3\%\)
Principal for second month \(3090\)
Interest for the second month \(\frac{3}{100}*3090 =92.7\)
Total interest \(=90+92.7 = 182.7\)
Required fraction \(= \frac{92.7}{182.7}= \frac{309}{609}=\frac{103}{203}\)
Ans D
Hope it's clear.
11 Mar 2024, 08:18
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Please explain any easy method to solve this problem. Thanks
