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23 Feb 2025, 06:21
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D
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Difficulty:
25%
(medium)
Question Stats:
85% (01:31) correct
15%
(01:51)
wrong
based on 34
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A certain sum of money becomes 4 times in x years at 8% per annum. Which of the following equation can be solved to get the number of years x.
A) 4 = (1.08)^(4x)
B) 4 = (1.04)^x
C) 4x = (1.08)^x
D) 4 = (1.08)^x
E) x = (1.08)^4
A) 4 = (1.08)^(4x)
B) 4 = (1.04)^x
C) 4x = (1.08)^x
D) 4 = (1.08)^x
E) x = (1.08)^4
How to tell if this is a compound interest question?
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23 Feb 2025, 23:03
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Moving the more appropriate sub-forum
24 Feb 2025, 01:24
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Peterparker2
Ideally, a GMAT question will indicate in question stem whether it is CI or SI; something like - A certain sum of money becomes 4 times in x years at 8% per annum compounded annually
In this case you can look at the answer choices and assume that it could be CI, since (1 + r/100) is a part of CI formula.
Let P be Principal, r = rate of interest and x = time period,
\(4P = P * (1 + r/100)^x\)
=> \(4 = (1 + 8/100)^x\)
=> \(4 = (1.08)^x\)
Answer D.
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