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A deposit at a local bank earns between 2 percent and 5 percent simple

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A deposit at a local bank earns between 2 percent and 5 percent simple  [#permalink]

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New post 08 Jun 2018, 23:53
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93% (01:07) correct 7% (01:17) wrong based on 37 sessions

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A deposit at a local bank earns between 2 percent and 5 percent simple interest in a year. If Shirley makes an initial deposit of $800 at the bank, which of the following could be the amount of money in her account at the end of one year?

A. $814
B. $820
C. $842
D. $848
E. $860

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Re: A deposit at a local bank earns between 2 percent and 5 percent simple  [#permalink]

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New post 09 Jun 2018, 02:14
Bunuel wrote:
A deposit at a local bank earns between 2 percent and 5 percent simple interest in a year. If Shirley makes an initial deposit of $800 at the bank, which of the following could be the amount of money in her account at the end of one year?

A. $814
B. $820
C. $842
D. $848
E. $860


\(Simple interest = P*N*R/100\)
P=$800
N= 1 year
2<R<5

let go to answer choices
A. $814 , Simple Intrest = 814-800 = 14 ; plugin this value in above formula we get R = 1.75% Not in given range for R
B. $820 , Simple Intrest = 820-800 = 20 ; plugin this value in above formula we get R = 2.5% In the given range hence right
we can stop here as we got right ans, Gmat wont have multiple right answer u can bet on dat.
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Re: A deposit at a local bank earns between 2 percent and 5 percent simple  [#permalink]

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New post 09 Jun 2018, 03:00
Bunuel wrote:
A deposit at a local bank earns between 2 percent and 5 percent simple interest in a year. If Shirley makes an initial deposit of $800 at the bank, which of the following could be the amount of money in her account at the end of one year?

A. $814
B. $820
C. $842
D. $848
E. $860


If a deposit in the local bank earns between 2 and 5 percent simple interest in a year
the minimum amount Shirley makes in a year on the deposit of 800 is 1.02*800 = 816.
Similarly, the maximum amount Shirley would make on the deposit is 1.05*800 = 840.

Therefore, the only value in the answer options within that range is $820(Option B)
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Re: A deposit at a local bank earns between 2 percent and 5 percent simple &nbs [#permalink] 09 Jun 2018, 03:00
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