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A certain sum of money amounts to 1560$ in 2 years and 2100$

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Director
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A certain sum of money amounts to 1560$ in 2 years and 2100$ [#permalink]

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New post 20 Apr 2005, 17:34
This topic is locked. If you want to discuss this question please re-post it in the respective forum.

A certain sum of money amounts to 1560$ in 2 years and 2100$ in 5 years find the APR if its calculated by simple interest for every year
VP
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Re: SI problem solving [#permalink]

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New post 20 Apr 2005, 18:17
not a gmat question.

X + 2rx = 1560......................i
X + 5rx =2100 .....................ii
Solve the equation
x=1200 and r is 15%

Last edited by MA on 20 Apr 2005, 18:24, edited 1 time in total.
Director
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Re: SI problem solving [#permalink]

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New post 20 Apr 2005, 18:22
MA wrote:
not a gmat question.

X + 2rx = 1560......................i
X + 5rx =2100 .....................ii
Solve the equation
x=1300 and r is 10%


That's good to Know MA because i have been scratching my head since i saw this question wondering how long is this going to take me?
VP
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Re: SI problem solving [#permalink]

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New post 20 Apr 2005, 18:25
Folaa3 wrote:
MA wrote:
not a gmat question.

X + 2rx = 1560......................i
X + 5rx =2100 .....................ii
Solve the equation
x=1300 and r is 10%


That's good to Know MA because i have been scratching my head since i saw this question wondering how long is this going to take me?

pls note that i have updated my previous posting.
Director
Director
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Joined: 07 Jun 2004
Posts: 612
Location: PA
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Kudos [?]: 763 [0], given: 22

 [#permalink]

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New post 21 Apr 2005, 03:48
thats the correct answer

good job guys
Intern
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 [#permalink]

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New post 21 Apr 2005, 18:24
answer is 15% same method as above.
  [#permalink] 21 Apr 2005, 18:24
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A certain sum of money amounts to 1560$ in 2 years and 2100$

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